Posted on: 11th Jun, 2008 10:33 am
I have contacted an attorney and credit counselor, but would like other opinions...
We have a house in PA with both a 1st and 2nd mortgage. Last year, I lost my job and there was no work in the area for me. We moved to FL in August. The house in PA has been up for sale since April 07. We only recently got the 1st offer on it, which was low, so we we had to got to the 2nd mort. holder for short sale. By the time they approved it (it was in their hands for over 2 months) we lost the buyer. (CitiMortgage is SLOW)
Now, it is being recommended by all to go the DIL route, but I'm worried that it won't be accepted. First mortgage is with Chase, and I'm told they only approve for illness, death, etc. We are now several months behind on both liens, and foreclosure is imminent if this deal is not accepted.
I'm very upset about this...my credit has been perfect until recently, and I just don't know where to start. We don't want to keep it, obviously, as it is vacant, but I want to be done with this. Do you think this is the best option, and what do I do now? Chase wants another hardship letter for the DIL, and I don't know what to do.
Thanks...
We have a house in PA with both a 1st and 2nd mortgage. Last year, I lost my job and there was no work in the area for me. We moved to FL in August. The house in PA has been up for sale since April 07. We only recently got the 1st offer on it, which was low, so we we had to got to the 2nd mort. holder for short sale. By the time they approved it (it was in their hands for over 2 months) we lost the buyer. (CitiMortgage is SLOW)
Now, it is being recommended by all to go the DIL route, but I'm worried that it won't be accepted. First mortgage is with Chase, and I'm told they only approve for illness, death, etc. We are now several months behind on both liens, and foreclosure is imminent if this deal is not accepted.
I'm very upset about this...my credit has been perfect until recently, and I just don't know where to start. We don't want to keep it, obviously, as it is vacant, but I want to be done with this. Do you think this is the best option, and what do I do now? Chase wants another hardship letter for the DIL, and I don't know what to do.
Thanks...
Hi Kimmad,
Welcome to forums.
It seems you're in a mess with your mortgages but please don't lose hope. One has to keep trying. I don't know how much the short sale with the second lender could have helped you because when there's already a first lender, the second can't take away the share of proceeds. The second loan is subordinate to that of the first.
Anyway, now that the short sale is canceled and things aren't going your way, I suggest you go for a deed-in-lieu. It's going to affect your credit no doubt but it's better than simply walking away without communicating with the lender as to what to do with the loans.
You will need a hardship letter again but that's ok. If it can get you out of the loans right at the moment, then that's better.
Thanks
Welcome to forums.
It seems you're in a mess with your mortgages but please don't lose hope. One has to keep trying. I don't know how much the short sale with the second lender could have helped you because when there's already a first lender, the second can't take away the share of proceeds. The second loan is subordinate to that of the first.
Anyway, now that the short sale is canceled and things aren't going your way, I suggest you go for a deed-in-lieu. It's going to affect your credit no doubt but it's better than simply walking away without communicating with the lender as to what to do with the loans.
You will need a hardship letter again but that's ok. If it can get you out of the loans right at the moment, then that's better.
Thanks
hello kimmad,
i understand your recent concern with your failed attempt for a short sale on your property.
being that foreclosure is imminent for you now, and that you have already vacated the property, you do still fall within the basic eligibility requirements to request that your lender accept a deed in lieu of foreclosure. and there are certain steps you have to follow when you submit your request for dil. however, your lender is not required to accept the dil.
i hope this helps you in your final decision. :d please feel free to ask any further questions that you may have. we are always here to help.
i understand your recent concern with your failed attempt for a short sale on your property.
being that foreclosure is imminent for you now, and that you have already vacated the property, you do still fall within the basic eligibility requirements to request that your lender accept a deed in lieu of foreclosure. and there are certain steps you have to follow when you submit your request for dil. however, your lender is not required to accept the dil.
i hope this helps you in your final decision. :d please feel free to ask any further questions that you may have. we are always here to help.
