Posted on: 11th Sep, 2009 08:22 am
hI. WHAT IS BETTER BEFORE ONE FORECLOSURE FOR MY SECOND HOUSE AND MY PRIMARY HOUSE STILL PAYING AND DO A TRUSTING BY LAWYERS TO MY DAUGTHER SHE IS THERTTEEN YEARS OLD AND I DON'T WANT ANY PROBLEMS IN THE FUTURE. THANK YOU
Probably you need to talk to an attorney to be safe
Hi lanruby!
Welcome to forums!
I guess you are deliqnuent on the mortgage payments of your principle residence. In such a case, it would be better if you could go in for a deed in lieu of foreclosure. This will help you in selling off the property and you won't even be liable for the deficient amount. As the deficient amount would be forgiven, your second home would be safe. But, your score would go down by 250 points in case of a deed in lieu.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess you are deliqnuent on the mortgage payments of your principle residence. In such a case, it would be better if you could go in for a deed in lieu of foreclosure. This will help you in selling off the property and you won't even be liable for the deficient amount. As the deficient amount would be forgiven, your second home would be safe. But, your score would go down by 250 points in case of a deed in lieu.
Feel free to ask if you've further queries.
Sussane
Is this your second home?
If yes please make deed to add daughter to ownership.
do it legally.consult any attorney.
If yes please make deed to add daughter to ownership.
do it legally.consult any attorney.
Good suggestion SS