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real estate ,asset protection

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jlemma1 Joined: 28 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Apr 28, 2010 10:32 am    Post subject: real estate ,asset protection Like 0 Dislike 0 we live in las vegas now bought a house 2 yrs ago , frozen raises ,loss of ot. have caused us to file for loan mod. We have pmi ins also loan through Wells fargo ,backed by freddie n frannie. This has been going on for a yr. with no viable solution offered by the bank. Our biggest concern is protecting a property in another state N.J. that we intend to retire to in 16 mo. How do we best protect that home, deed in leiu , short sale , etc . Also considered quit claim to a family member . Thank you for any advice you can offer
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Apr 28, 2010 8:15 pm    Post subject: Like 0 Dislike 0 Hi jlemma! Welcome to forums! If your lender does not accept your request for a loan modification, then it's better to get rid of the property. You can apply for a deed in lieu of foreclosure in order to sell off the property. You won't be liable for the balance amount resulting from the sale of the property. Thus, the lender will not come after you for the balance amount and your property in New Jersey will also be safe. However, you should remember that a deed in lieu of foreclosure will affect your credit score in a negative way. It will be reduced by 250 points. Feel free to ask if you've further queries. Sussane

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