Posted on: 10th Mar, 2009 12:22 pm
We have two lots with mortgages, 2 lots we paid cash for (they are now worth close to half ) our main home with first and 2nd mtg. a home we rent out but rent does not meet mtg payment. We have not been able to pay RE taxes or HO dues. We are making payments on time but that is about to stop. What should we do? All properties have been on the market (not rental) and not selling. What do we do first? Very confused about options.
Hi debidrace
If you want to get rid of all the properties, then you may apply for a deed in lieu foreclosure with your lender. However, the lender will accept the deed in lieu option only if you are delinquent on your payments. But you should remember that a deed in lieu will badly affect your credit score and reduce it by 250 points. Moreover, you will also have to clear off your RE taxes and HO dues.
Thanks
If you want to get rid of all the properties, then you may apply for a deed in lieu foreclosure with your lender. However, the lender will accept the deed in lieu option only if you are delinquent on your payments. But you should remember that a deed in lieu will badly affect your credit score and reduce it by 250 points. Moreover, you will also have to clear off your RE taxes and HO dues.
Thanks
asking your various lenders about a possible short sale on the properties. Then if they allow it... get a "high octane" realtor and slash the prices drastically. Spring is here... don't give up too easily. Hang in there, and find a good agent to help you move them.
Best of luck!
Best of luck!