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jarango2008 · Joined: 03 Sep 2010 Posts: 1 1.38 Dollars($)

I have submitted hardship letter and required documents to my lender for a short-sale. House has been on the market for 2 months, lowered price 3X and no offers. Lender has determined (decided) that my hardship (too much debt besides mortgage) was a "personal choice". Both my wife and I still have jobs. We can't afford to meet all our debt obligations. We are looking into moving to an apartment and try to start all over with better financial management. We are considering to ask lender for a Deed-in-lieu of foreclosure but don't know what consequences we are looking at.

smithsussane · Posted: Sat Sep 04, 2010 2:37 am Post subject:

Hi jarango!

Welcome to forums!

As you're facing hardship in paying off the dues, you can apply for a deed in lieu of foreclosure. You should contact your lender in order to apply for it. If your request is accepted, you can sell off the property. The deficient balance remaining from the sale will be forgiven. However, your credit score would be reduced by 250 points and it will remain on your credit report for the next 7 years.

Feel free to ask if you've further queries.

Sussane

Guest

Sussane, thanks
I'll contact my lender in the next few days and see what happens

smithsussane · Posted: Sun Sep 05, 2010 9:55 pm Post subject:

Hi jarango!

Welcome back to forums!

You should definitely keep in touch with the lender in this regard. Keep us updated in the forum as well. Hope the lender accepts your request.

Sussane

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Deed-in-lieu of forclosure