I have a commercial property that is now in default and faceing foreclosure. I made a payment arrangement with the lenders, made the initial downpayment of $9,000, but can't seem to come up with the monthly prepayment arrangement of $4,000 for six months.
is it a good Idea to offer the property to the lender with a deed in leiu of foreclosure ?? and will this be better on my credit rateing ??
overwhelmed with stress.
2007-01-04 00:52:05 · 2 answers · asked by moham 1 in Business & Finance ➔ Renting & Real Estate
That is one measure. Another thing to try and is go for a short sale. List the property with a real estate agent and sell it. You of course don't get anything and all the sales proceeds go to the lender less costs (closing costs and agents fees)...........worth discussing with the bank
2007-01-04 01:49:51 · answer #1 · answered by boston857 5 · 0⤊ 0⤋
Need to talk with a Mortgage Officer asap .
kishaloy_bhowmick@yahoo.com
Loan Officer
480.751.4125
2007-01-04 01:08:18 · answer #2 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋