Posted on: 10th Mar, 2008 06:29 pm
How do you start a conversation with the bank re options, including short sell or giving it back? Who do I speak with and what do I say to put myself in the best possible light. I want to be able to buy another home out of state in the near future. I need to get rid of rental property out of state to avoid losing the home I live in. Any thoughts are appreciated.
Hi Terryterry,
Welcome to forums.
Since you are planning to do a short sale or an option by which you can get rid of the rental property, what you need first of all is a letter of hardship. The letter should state why you would not be able to pay off the loan and what has gone wrong with your finances. Go through a sample hardship letter .
Regarding negotiations with the bank, I think it will be better if you take help from a short sale attorney as they will be aware of all legal aspects of the process.
While I've said the above, let me ask you, are you in default already or anticipating one?
Thanks
Welcome to forums.
Since you are planning to do a short sale or an option by which you can get rid of the rental property, what you need first of all is a letter of hardship. The letter should state why you would not be able to pay off the loan and what has gone wrong with your finances. Go through a sample hardship letter .
Regarding negotiations with the bank, I think it will be better if you take help from a short sale attorney as they will be aware of all legal aspects of the process.
While I've said the above, let me ask you, are you in default already or anticipating one?
Thanks
Hi Aline,
Welcome to the forum.
I have to agree with James that you should mentioned in the Hardship letter that something out of your control has happened to you and that have spoiled your financial situation.
If you want to buy a house in the near future then you should sell the property and try to pay off the lender. If you go for DIL then it will have a huge negative effect on your credit report and will remain for almost 10 years.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I have to agree with James that you should mentioned in the Hardship letter that something out of your control has happened to you and that have spoiled your financial situation.
If you want to buy a house in the near future then you should sell the property and try to pay off the lender. If you go for DIL then it will have a huge negative effect on your credit report and will remain for almost 10 years.
Feel free to ask if you have any further questions.
Best of luck,
Larry