Posted on: 23rd Feb, 2009 03:15 pm
I am married and 2 years ago decided to buy a house in forecloser thru a foreclosure group, flip the properity and try to make a profit while my husband was laid off. The investment properity sell fell thru and we decided to keep the property for a rental. I admit I did not understand the type of loan I got . I trusted a very good friend of mine(at time)who is now being sued by many people. His company was evern written about in the paper. He owned a morgage company and his wife owned the escrow company. I am in a horrible negative amortization loan. I have renters in the properity but I can not longer afford the taxes and will shortly not be able to cover the loan if paying on the principle. What is your advise? To make matters even worse I am listed as the only owner of this house as my primary residence. Please help, Thank you so much
Hi corrie!
Welcome to forums!
Once you are delinquent on your payments, you can apply for a short sale or a deed in lieu. While applying for short sale or a deed in lieu, you will have to write a hardship letter to the lender.
If the lender accepts your hardship letter, you can then give away the property to the lender. If you go for a short sale, you will have to pay the deficient amount resulting from the sale of your property. Apart from this, your credit score will be reduced by 75-100 points.
If you go for a deed in lieu, the deficient amount will be forgiven by the lender but you will have to pay taxes on that amount. Moreover your credit score will go down by 250 points. To know more about deed in lieu, check out the given page:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Once you are delinquent on your payments, you can apply for a short sale or a deed in lieu. While applying for short sale or a deed in lieu, you will have to write a hardship letter to the lender.
If the lender accepts your hardship letter, you can then give away the property to the lender. If you go for a short sale, you will have to pay the deficient amount resulting from the sale of your property. Apart from this, your credit score will be reduced by 75-100 points.
If you go for a deed in lieu, the deficient amount will be forgiven by the lender but you will have to pay taxes on that amount. Moreover your credit score will go down by 250 points. To know more about deed in lieu, check out the given page:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane