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Husband lost job, we have a severance package so mortgage is current. Found a job out of State. We owe at least 180k more than the house would bring on the market if it would even sell. We have always had excellent credit and are horrified at our position after years of hard work. It is what it is but we want to make the best "financial" choice for US, not the bank or nation (sorry so selfish!)
Suggestions welcome....DIL, voluntary forclosure, shortsale?
We have 5 months to move....any help out there?

jenkin7 · Posted: Wed Nov 04, 2009 11:20 pm Post subject:

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.

rita2 · Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)

Hi,

First, you need to decide whether you want to keep the house or not. If you want to keep the house then you can opt for Mortgage loan modification. It is a better option because it helps you to keep your home. At the same time it will not hit your credit that much. You may also get a principal reduction on your loan. If you do not want to keep your house then you can go for deed in lieu of foreclosure. It is basically a process were you give away your property to the lender as you cannot pay any more. The lender them dell the property to retrieve the loan balance you owe. However, after selling the property if there is any deficit, then you have to pay that off. Now you have to decide which is suitable for you.

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