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Dolohar · Joined: 11 Mar 2010 Posts: 1 1.47 Dollars($)

Our home is not worth what we owe. My spouse wants to do shortsale he contact a realtor he came over got or info we have called him and never heard back my husband took his advice and now we are 2 months behind on our mortagage payment I bank is call he is not calling them I do not know what to do I work he does all the time because of weather I want formulate a plan that will not effect my credit so when we have paid off our other debts we would be able in 3 yrs to 4 yrs be able to buy or build our home. If spouse was work steadly we would be able to pay loan. The house needs improvements with new siding etc and there is no way we can get what we owe to the bank if we try to sell I do not want a shortsale is deed on
lieu a better options we have leaved in home for 10 yrs put lots of money into home and husband has lots of unfinish projects and I am tired of using my income and credit cards to buy materials and projects are not completed he is always to tired he works in the construction field believe it or not 2 yrs ago I owe no one and when we refinance with hsbc at my spouse recommendation we got screwed we had a low interest to a high interest and -6000 dollars for fees they said our loan with old lender would ballooned in a few weeks stupid me did not call lender just blindly follow spouse and hsbc lender refinanced with them and did no even get money to fix house just high interest when she promised it would have been less the 6% I feel so stupid what ever advice you can give me please do thank you

jameshogg · Posted: Thu Mar 11, 2010 9:06 pm Post subject:

Hi Dolohar,

As you are already late on your mortgage payments, I would suggest you to have a word with your lender and apply for a short sale. If your property is sold off, then you would be liable for the deficient balance resulting from it. However, you score would get reduced by 75-100 points only and you would be able to qualify for a loan 2 years after a short sale.

Deed in lieu of foreclosure is a good option to get rid of your property as you won't be liable for paying off the deficient balance resulting from the sale. However, it would lower your score by 250 points and you won't be able to get a loan in the next 3-4 years.

Thanks

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Regarding shortsale vs deed in lieu of foreclosure