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Answers (2)
- Anne Barrier, "abarrier25272648"
- Contributions:67
The best thing you can do is sell it before you lose it. You must first contact your lender and talk to their loss mitigation department. Your first step will be a "hardship letter" explaining your situation. You need to find a a Realtor who is a certified short sale specialist in your area. Yes, your credit will take a hit but with a short sale it's usually 3 years rather than 7 with a foreclosure.
- Cami Peck, "Count on Cami"
- Contributions:33
You can try to sell the home as a short sale but your credit score will reflect that decision. You may not be able to obtain another mortgage for several months to several years after a short sale. Try talking with your lender to see if you can have your mortgage modified. This could lower your payments and make your home affordable. Although this process could take a couple of months it would be well worth your time to see if you can get a modification. If you are unable to modify I would speak with a financial expert and a Realtor about your situation.
Best of Luck!
Best of Luck!
Should I try and sale my home even though I will get far less than I paid for it?
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