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dhzumwaltdorsey · Joined: 27 Nov 2009 Posts: 1 1.00 Dollars($)

I am a Senior and have become widowed (6 months) and am on Social Security only. We bought our home (new) last February using combined incomes, through the USDA and have little to no equity. I put it on the market in August but in spite of strong efforts from my realtor, it has not sold due to the glut of houses for sale in my area. I have struggled to make the payments which are now more than half of my fixed income. I must let the house go as the USDA will not lower my payments and I am looking at a foreclusure or deed in lieu of foreclosure. My credit is excellent and the only debt I have is the house. Is there any thing I can do to keep my good credit rating? I am desperate.

raymond · Posted: Sat Nov 28, 2009 10:31 am Post subject:

>>Is there any thing I can do to keep my good credit rating?

No. Your credit will be damaged with the foreclosure. It won't be damaged as much if the Lender accepts the Deed in Lieu of Foreclosure. If they won't accept the Deed, you'll have to stop making mortgage payments so they can foreclose, and your credit rating will decline because of the missed mortgage payments and foreclosure.

Have you considered renting your house? That's an option you may want to consider.

Guest

Do you want to keep your home? If the lender accepts the Deed in lieu you will be homeless. If you allow your home to go into foreclosure you will be homeless. You have to minimize your payments.

[Phone number deleted as per forum rules. Thanks.]

Guest

I should have mentioned in my original email that under the terms of my housing contract I cannot rent it and I really don't want to keep it. I have been looking around for an Senior apartment as I won't buy again - I am just not physically up to the demands of keeping up my own home. I bought the house through the USDA government program and they are quite adamant about not lowering the payment. Its almost like they want me to default. Thanks for the interest, but I imagine I will need to ask for a Deed in Lieu or if they will not go for that, a foreclosure.

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