3mts behind on mortgage tomorrow, arm changes up on 01/08 sh

James · Joined: 30 Oct 2007 Posts: 1 1.46 Dollars($)

I have found it difficult to keep up the payments as it is tomorrow i am three mths behind. I am a commission sales, I make enough money on a yearly bassis but I lost my cash pillow gettin in this house and have been playing ketch up ever since. paying late fees and all I think I just did the wrong thing. should I attemp to deed in lieu or should I try and short sell. I have only read up on this type of issue in the last few days on the e net. They have not filed anything yet but they will very soon. I made arangements to make two and a half payments tomorrow but that is not going to happen, they money did not come in. I have contacted a Real estate agent that only does short sells but he has only done ten he gave good info but could not give advice as to weather I should try and deed in lieu of becasue he does not make money that way. He did say I should contact the lender and inform them of my intent to short sell. What do you all think is my best course of action.

Jeanette · Posted: Tue Oct 30, 2007 8:41 pm Post subject:

Deed in Lieu- is not practical with lenders they want to make money not get the property back. Short sell- you will be losing lots of money if the property is up in value. Another alternative is calling your lender and requesting to talk to someone in their loss-mitigation department. They help the borrower determine why there is a repayment problem and if its temporary or permanent. If permanent then they suggest forebearance, payment plan or other plans to help. If all fails then they will assist in listing and selling your home through a real estate agency. You can also consider contacting Acorn Housing, their counselors will talk to your lenders for you to help your situation.

helping_user · Posted: Tue Oct 30, 2007 10:32 pm Post subject:

Hi James,

In the process of deed-in-lieu borrowers hands over the property to his lender on failing to make the mortgage payment. But lender wants money not the property. I personally advice you to first have a talk with lender and try to find out any options of loss mitigations.

After having a discussion with your lender if you couldn't come to a solution then you can look for short sale.

Thanks

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello James,

Even I think that you should talk to your lender and see if you can make out any alternative repayment option.

Lenders generally don't want to accept a deed in lieu and you might be asked to go for a short sale.

All times are GMT - 7 Hours

Page 1 of 1