Posted on: 01st Nov, 2013 09:50 am
We are 100K upside down. Great credit, great jobs, no debt, some $ in bank. We want to move on and not be 'stuck' here-don't want modification. Took 20 years to have the savings we have-don't want to give it all away. What do we do?
Hi Guest,
You can get in touch with the lender and apply for a deed in lieu of foreclosure. If they agree to it, then you will be able to get rid of the property and you will not be liable for paying any deficient balance. However, your credit scores may go down by around 200+ points.
Thanks
You can get in touch with the lender and apply for a deed in lieu of foreclosure. If they agree to it, then you will be able to get rid of the property and you will not be liable for paying any deficient balance. However, your credit scores may go down by around 200+ points.
Thanks
It's possible, but you're going to absolutely crash your credit score. I wouldn't recommend it.
Would it be possible to rent the property and the monthly rental income cover all or almost all of the monthly mortgage payment?
If it does, you do not destroy any credit history and you get to move on.
Is your existing mortgage owned by Fannie Mae or Freddie Mac and if so, is it eligible for HARP refinance? Or, maybe you did that already?
If it does, you do not destroy any credit history and you get to move on.
Is your existing mortgage owned by Fannie Mae or Freddie Mac and if so, is it eligible for HARP refinance? Or, maybe you did that already?
