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Need to sell home due to job relocation

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pdesz2008 Joined: 28 Oct 2009 Posts: 2 1.00 Dollars($)	Posted: Wed Oct 28, 2009 11:23 am    Post subject: Need to sell home due to job relocation Like 0 Dislike 0 I know someone in Atlanta that may be relocating to the Dallas area for a new job at the beginning of 2010. She owns a townehome, but she doesn't want to rent it out because of the hassle of being an out of state landlord. She also doesn't want to pay rent or a mortgage in two different places. Any suggestions?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 28, 2009 11:26 am    Post subject: Like 0 Dislike 0 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. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
pdesz2008 Joined: 28 Oct 2009 Posts: 2 1.00 Dollars($)	Posted: Wed Oct 28, 2009 12:11 pm    Post subject: What About... Like 0 Dislike 0 She is not behind in her payments, but would a Deed in Lieu of Foreclosure be an option. How much of a ding would it put on her credit score?
adonis Joined: 22 Oct 2005 Posts: 10246 Location: ALASKA 1043.16 Dollars($)	Posted: Wed Oct 28, 2009 8:49 pm    Post subject: Like 0 Dislike 0 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. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Thu Oct 29, 2009 7:34 am    Post subject: Like 0 Dislike 0 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. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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