Posted on: 17th Feb, 2009 10:05 am
I much will it cost for this service.
I have investment property in (San Bernardino) that
I can no longer maintain or offered.
what are my options?
I have investment property in (San Bernardino) that
I can no longer maintain or offered.
what are my options?
Hi lrh,
If you are delinquent on your payments, you can request the lender for a short sale or a deed in lieu. You will have to write a hardship letter to the lender for this.
Both short sale and deed in lieu are similar processes wherein the property is sold by the lender to recover the debts. But there are chances that the sale will lead to a deficient amount. In case of a short sale, you will have to pay the deficient amount to the lender whereas in case of a deed in lieu, the deficient amount is forgiven.
Thanks.
If you are delinquent on your payments, you can request the lender for a short sale or a deed in lieu. You will have to write a hardship letter to the lender for this.
Both short sale and deed in lieu are similar processes wherein the property is sold by the lender to recover the debts. But there are chances that the sale will lead to a deficient amount. In case of a short sale, you will have to pay the deficient amount to the lender whereas in case of a deed in lieu, the deficient amount is forgiven.
Thanks.