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Upside Down

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dlrtx202 Joined: 22 Aug 2011 Posts: 2 1.55 Dollars($)	Posted: Mon Aug 22, 2011 7:22 pm    Post subject: Upside Down Like 0 Dislike 0 I've been working with my mortgage company for many many months to avoid foreclosure. I have a modified mortgage pending and now have to move. I'm under about 45K and cannot find a buyer in our weak market. Do I walk away, deed in lieu or try short sale?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 22, 2011 11:35 pm    Post subject: Like 0 Dislike 0 Hi dlrtx! Welcome to forums! As you're facing financial hardship, you should contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for paying off the deficient balance resulting from the sale of the property. Feel free to ask if you've further queries. Sussane
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue Aug 23, 2011 4:17 pm    Post subject: Like 0 Dislike 0 You can also look into the short sale, I have seen owners get money to relocate off the short sale, worth a shot. Good luck! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Tue Aug 23, 2011 10:20 pm    Post subject: hi dlrtx202 ! Like 0 Dislike 0 Homeowners facing foreclosure often have the option of selecting a short sale or a deed-in-lieu of foreclosure as a possible solution to their financial difficulties. When you decide to use a short sale to prevent foreclosure, you should understand that the sale must have the lender’s approval and that lenders don’t always agree. What the lender is doing when he accepts, is permitting you to sell your home for less than you owe him and taking the loss himself. Also, it is far less destructive to your credit rating than a foreclosure, as it is supposed to be listed as a “settled debt” on your credit report. However, it is still harmful to your credit score and can reduce it by 200 points or more. On the other hand, deed-in-lieu may be your fastest way out than a short sale and that it is more likely to be acceptable to the lender. It is when you give your home back to your lender, take your losses and thereby prevent the foreclosure. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
dlrtx202 Joined: 22 Aug 2011 Posts: 2 1.55 Dollars($)	Posted: Wed Aug 24, 2011 10:13 pm    Post subject: Like 0 Dislike 0 I will be contacting my lender in the next few days. it appears that they have been dragging their feet because I have equity in the home. I did some number crunching and turns out I'm in the black not the red. We have neighbors sell at 20 to 80K less then what the property is worth just to be able to leave. One listed his home for 165 sold it in 10 days, turns out it was worth 195 he owned it outright but took the lost just to be able to leave. That is now hurting me cause I have the biggest home in the sub-division and it's harder to sell. Thanks you all for your replies and suggestions.
raymond Community Expert Joined: 03 Jul 2009 Posts: 1200 Location: Irvine, California 29.74 Dollars($)	Posted: Thu Aug 25, 2011 6:42 am    Post subject: Like 0 Dislike 0 >>Do I walk away, deed in lieu or try short sale? Always try a deed-in-lieu first, then short sale, but never ever walk. _________________ Raymond Denton www.RaymondDenton.com

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