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Guest

i have own a investment property , home, in my neighborhood in chicago for 7 years now. due to many circumstances beyond our control, including a renter who filled the home with illegal immigrants, causing so much damage and wiping out or savings, we are now living month to month and can barely make our own mortage. when we lose these tenants we can not afford any lapse in income and will fall behind in the payment for the first time. the mortage is probaly the same as the value of the home. we have tried to sell it for 2 years.
it a deed in lieu of forclocure good for us, as we fear forclosure on this property any way? this is a fannie mae loan. does that make a difference?

ashleyblanton · Posted: Wed Apr 15, 2009 4:59 pm Post subject:

Do you qualify for a refinance?

smckaybiz · Posted: Wed Apr 15, 2009 5:43 pm Post subject:

Hello Sherry,

I wouldn't think that you would have any refi options because most lenders will not lend out 100% of your homes value nowadays. That is part of the problem that got us in the economic crisis we find ourselves in.

I don't think a deed in lieu will do you any good right now. Have you contacted the lender to see if there is any kind of assistance they can give you? In all honesty most will not help you until you are already behind on your payments but I wouldn't just give up on it.

Guest

i have contacted the lender, they said fannie may will not allow a modification if i can not prove i can repay the mortagage. this did not make sence as that is my problem

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

You have show some financial hardship to get them moving.

jameshogg · Posted: Wed Apr 15, 2009 7:57 pm Post subject:

Hi sherry,

You can negotiate with the loss mitigation department of the lender and check out if they can modify your loan. If the lender is not ready to modify the loan, then you can apply for a deed in lieu foreclosure. You can write a hardship letter to the lender. The lender will then judge your financial situation based on the report and then accept or reject the request. However, you should note that your lender will accept deed in lieu only if you are delinquent on your payments.

Thanks

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