which is worse short sale, deed in leiu of forclosure? and if i decide short sale will i have to stay in my home and pay until it is sold? i really dont have the funds. home lender says i can do either or foreclosure. what about bankrupcy.
carolyn
"Be strong in nature; Gentle in deed."
Hi Carolyn. Well, a short sale has a less negative impact on your credit rating than a deed-in-leiu of foreclosure. In some instances, Chapter 13 bankruptcy will allow you to stay in your home...but then there is the issue of: will you be able to afford the monthly payments set by the bankruptcy court? Ultimately, at this point, whichever move you make, you need to decide what is in your best interest and if you have already decided that you will most likely be selling your home or losing it, you should start looking now as rentals are becoming very high in demand due to the foreclosure crisis. If you really don't have the funds to keep paying, you should take what money you do have and can save in the near future and put it all towards finding someplace else to live. Some of these mortgage companies are ruthless and their corporate greed is really taking it's toll on this country.
Best of luck to you dear.
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Mayhaven is right Carolyn even Obama announced that owners should do short sale to avoid the foreclosure auction and with the HR 3648 you will not need to worry about the tax from the 1099 if this was your personal residence and you did not refi and take cash out to vacation etc, home improvement is ok but you need to have all bills showing what the money was spent on. Some people knew they were in trouble and refinanced and took cash out and spent it. They will not be helped by HR 3648.
I know a lot of people in the business.
If you would like a contact email myhomesolutions@gmail.com
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short sale means you have already made arraingde ments with your lened for a lesser value,your payment go down to the short sale conditions,u pay as ulive in the home,but are selling at the same time,the bank is getting a loss,you are losing equity,but they cannot make u pay beyond your exspectations.its already in contrat.in luie means your paying the leaine thats owded on the house till it sells,they cannot say u are a sqauter,bumb,kick u out to the streets.bankrupcy depends on so many factures.are u ever going to want to own again,forclosure,bankruptcy surelyis,uncomfortable,it means chadge!but in many case,it only takes 2 years to reclaime your name,if you can go 2 yrs,lett them take it,live cheeper wiser&save.life is short be happy,dontlet them,wit thses terms make u misserably crazy.its actually less stress,just make sure u have place to live,&its stable,affordable,begine,building a bettr future.ive been to all these places.im stilll here.ive saved nicely,we only live once-dont let the bank tell u how,if u have sutableliving for time,go enjoy&forgett.but remeber your mistaches as we live&learn,sinc mjfalcojr
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