Posted on: 10th Mar, 2009 07:48 am
what would work better for me a deed of lieu of or selling to an investment group...i live in pittsburgh, pa & am a 55 yr old divorced female with an 11 yr old son to support. i currently have an adjustable mortgage and was told that i did not qualify for refinancing. the house is over a 100 yrs. old & needs a lot of work that i can't afford to have done. with the current market & owning a less desirable home, i don't think it will sell. my utilities are noticeably higher this year as my gas bill for the month of february was over $600, which is more than my mortgage. add that to the rest of my utilities plus the cost of food & other basic necessities i can't afford to stay here any longer. because of a lay off 6 yrs ago my salary went from $43,000 yr to $26,000. i also got divorced during that time & subsequently filed bankruptcy. although my mortgage has not been late, i feel it would be better for me to rent at this time. would a deed in lieu of foreclosure be my best option or should i try contacting those investment groups who advertise that they buy homes for cash?
"those investment groups" are scam artists. however, if you can truly negotiate a sale of your home to one of them, at a reasonable price, then go ahead and shout Hallelujah at the top of your lungs.
renting your home would be a viable alternative if you can find a qualified tenant.
renting your home would be a viable alternative if you can find a qualified tenant.