House question

Submitted by Anonymous (not verified) on Sun, 08/09/2009 - 20:45
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Credit repair

I need advice. I am 28 years old. I have a house in VA which has $219000 on mortgage. I lost my job and found one in Houston. Now I am stuck with a house in VA standing empty--agent says no one is looking-- I tried to rent it and no one has inquired. I am paying my mortgage and a fairly big rent in Texas for me and my family. It is going to be a squeeze. Any advice?

carol

Hi annewaynesboro

From what you say I can gather that the real estate market is not doing good in VA. If you are not going to stay in that house then I would suggest you get hold of a broker and get him to sell off your house at a lower price. If you can do this, then you may pay off a lump sum of your mortgage using this and the deficiency amount may be paid later. You can try and talk to your lender about paying the deficiency in installments. However, lenders usually prefer to have their money all at a time and not by any installments.

If you cannot convince your lender for installments, then ask him for some time by which you think you can arrange for the money.

Another solution that I can think of is to try and convince your lender for a deed in lieu. This way you can transfer the title of your home to the lender who in turn will auction off your home to cover the mortgage you owe him. This might be a little difficult task but you can talk to you lender telling him how and why it is very difficult for you to take care of matters from a different state altogether. If there is anything more, do let us know.

Mon, 08/10/2009 - 06:40 Permalink