Posted on: 29th Aug, 2009 04:50 pm
my wife and i bought our home three years ago when the housing boom was occuring in bakersfield, california. we are now extremely upside down, over $100,000, and wish to move for various issues. we've been declined a refinance and loan modification. we can afford the payments but want to move. everyone has advised us to do a short sale but those require a deliquency in payments right? how about a deed in lieu of foreclosure? does anyone know how we can get out of this mortgage? the house and loan is only in my wife's name so i know that her credit will be destroyed but my credit is close to excellent so i am not worried about getting a loan in my name. i've already been preaproved for one. is there any way out of this?
It is still possible you need to call your bank and explain your financial situation to your lender
if they think it meets the needs they will probably approve it
if they think it meets the needs they will probably approve it
jakensteinn,
yes you need to discuss it with lender.
you have mentioned that The house and loan is in your wife's name and you already have a preapproved loan.
but note that new lender can stop disbursement to you if he will come to know that you have not settled your old mortgage properly.
yes you need to discuss it with lender.
you have mentioned that The house and loan is in your wife's name and you already have a preapproved loan.
but note that new lender can stop disbursement to you if he will come to know that you have not settled your old mortgage properly.
Yep Thats what I said