Need to sell home due to job relocation

pdesz2008 · Joined: 28 Oct 2009 Posts: 2 1.00 Dollars($)

I know someone in Atlanta that may be relocating to the Dallas area for a new job at the beginning of 2010. She owns a townehome, but she doesn't want to rent it out because of the hassle of being an out of state landlord. She also doesn't want to pay rent or a mortgage in two different places. Any suggestions?

gmakerley · Posted: Wed Oct 28, 2009 11:26 am Post subject:

well, it could sit vacant - still a responsibility while absent; or she could sell it; or she could simply let it go and have her lender foreclose.

pdesz2008 · Joined: 28 Oct 2009 Posts: 2 1.00 Dollars($)

She is not behind in her payments, but would a Deed in Lieu of Foreclosure be an option. How much of a ding would it put on her credit score?

adonis · Posted: Wed Oct 28, 2009 8:49 pm Post subject:

Hi pdesz,

She can apply for a deed in lieu of foreclosure with her lender and check out if he agrees to it. Normally lenders agree to a deed in lieu when you are delinquent on your mortgage payments. If the lender considers her situation, then she may qualify for it.

If she goes for a deed in lieu of foreclosure, it would reduce her credit score by 250 points. Moreover, she won't be able to purchase a property in the next 3-4 years.

gmakerley · Posted: Thu Oct 29, 2009 7:34 am Post subject:

if someone doesn't want to rent a property, cannot sell it and must vacate it, etc. i don't see too many options left. as stated, it can always go to foreclosure.

but if a deed in lieu and the credit ramifications of that action are an issue, why wouldn't a foreclosure be an issue as well?

how about if she were to hire a management company to watch over the property for her, thereby allowing her to rent it out with the hassles of overseeing everything.

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