Posted on: 07th Dec, 2009 09:51 am
Hello - I have two loans on my house with two different companies. One is small one is big. The house is deeply under water. I have a child and the neighborhood has become too violent. I was ten feet from a shoot out this past week. I do not want to ruin my credit but the companies are reluctant to help - they rejected a modification last summer. I want to get my family out. What should I do?
Hi pimasol,
You can try to sell off the property. Have you listed your property in the market? If not, then I would suggest you to list the property in the market and check out if you can get buyers for it. Meanwhile you can rent another property in a better locality. If your property is sold off, then you will have to clear off the mortgage dues of the lender first.
You can even apply for a short sale of your property with your lender. This will lower your credit score by 80-100 points and you would be liable to pay the deficient amount resulting from the sale.
Thanks
You can try to sell off the property. Have you listed your property in the market? If not, then I would suggest you to list the property in the market and check out if you can get buyers for it. Meanwhile you can rent another property in a better locality. If your property is sold off, then you will have to clear off the mortgage dues of the lender first.
You can even apply for a short sale of your property with your lender. This will lower your credit score by 80-100 points and you would be liable to pay the deficient amount resulting from the sale.
Thanks