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jbdavis · Joined: 05 Oct 2010 Posts: 3 2.20 Dollars($)

Should I ask for a deed in lieu or a short sale from my mortgager or will they give me another chance with a modification??? Here's my story:
We were just accepted to be in a home modification program from our mortgager, we accepted it on a trial basis for 3 months even though the amount they came up with was too high. But it was either accept it or be in foreclosure. My husband is on unemployment and it seems that we just can't afford the amount that was given to us on a trial basis for 3 months. We have been accepted into a few other loan modification programs in the past and all have failed. The mortgage is just too high. So, once again, we are going to fall behind (it is the 2nd month of the trial perod) on our mortgage payment in this trial period. Should I just ask for a deed in lieu or a short sale? We are just tired of trying to keep up and it is evident that the mortgage is too high. If the mortgage came down, we could afford it. Do you think they will give us another loan modification or be at their wits end??? PLEASE HELP!! Thank you so much for this.

jerry · Posted: Tue Feb 22, 2011 2:05 am Post subject:

Welcome jbdavis,

You can give loan modification another try. However, in case, the lender is not ready to accept your request for loan modification, it will be better to apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for paying off the deficient balance resulting from the sale of the property.

Thanks,

Jerry

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Should I ask for a deed in lieu? My loan modification is not working

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