 jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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 Posted: Wed Nov 04, 2009 11:20 pm Post subject: |
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Hi krae,
There are many people who are stuck in your situation. But if you need to relocate for the purpose of employment, you will have to either leave the house or continue making payments. If you have decided to leave the house, you can go for a short sale. List the property on the market and see if it sells. In case it does not sell, you can request your lender to accept deed in lieu of foreclosure. In a DIL, you can even negotiate with the lender and have any deficiency cancelled. A short sale will be less damaging on your credit, but there is a chance that the lender will come after you for the deficiency once the property is sold. |
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