:help ok .the bank obligate me to do a foreclosure because they don’t want to accept a deed in lieu because i have a good credit and i can make the payment ,but i really have to relocate ( like now ) and i try to sell the house as a short sale , try to rent it , and it been in the market for a 1yr …
and no luck :shocked… i need to leave the area were i live closer to more job opportunities… at this moment i live and 1hr 1/2 to my job
what should i do ?
:anon :help
Is the property value more or less than the mortgage balance? Are there any junior liens?
thank for responding :beer
The house coast 250k , i had it in the market for 180k or even less
and buyer came around and saw the house in good condition …but that was it .
This house is under VA loan , i now that the bank can claim by foreclosure
a fouding feed and that were they want to push me in to …
i don’t have any Junior lien
I was thinking a deed in lieu wasn’t possible because there was a junior lien that couldn’t be extinguished after the deal closes. I was also thinking the bank wouldn’t deal if the property value dropped below the mortgage balance.
I would contact a realtor in your area that specializes in short sales. And let them communicate with your lender that you will stop making payments. That you are relocating and can no longer afford the home. They can also explain to your lender that your home is upside down or underwater. Also, it has been on the market awhile and have had no success. It will cost the bank more if they were to foreclose. Let your agent have all the stress and earn his or her commission. A realtor short sale can run smoothly if you choose the right realtor.
A short sale will not work because you make too much money. The bank will not accept the proposal.
Where do you live? Houst cost 250K. Selling for 180k. How much is the loan for? Do a for sale by owner. Option contract to a tenant buyer or end buyer. How much is the mortgage? Need more info to really help.
Hi
the house is located @ 855 morgan pl front Royal VA 22630
it coast 256k and own 249K going to 248k the last comunication with the bank there a negotiator with my case of the deed in lieu ,that hasn’t respond or call me un till today date …
i saw on the web about " Real Estate flips " i dont’t now what it is…?
a little more information is that in this area ther a lot of houses that went in to forecloure and there are a couple with more room and bathroom selling for lest then 200k and they just about finishing 3 houses new for 200k … so yup i brought this house when it was a sell market or scam market with a VA loan …
:banghead
but i really will abandon the house if the Bank doesn't accept the deed
my 757 credit score will go down :flush
Why are you relocating? Is there some possible heartship reason?