2007-08-06 09:32:37 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Find someone to buy it. Taking a loss isn't as bad as being foreclosed upon.
2007-08-06 09:54:35 · answer #1 · answered by Goethe's Ghostwriter 7 · 0⤊ 0⤋
Yes, call a real estate company or an add from the paper that says they buy ugly houses, foreclosures, or something to that effect. Talk with them and tell them how much you owe and see if they can help. If you have any equity they may buy it and it shouldn't have a negative impact on your credit. If your late on payments you are already negatively impacting your credit so you need to hurry. If you don't like the offer you receive from someone try someone else. If you don't have any equity you might have to take less than is owed. But if you can make the payment on the smaller amount you might have to do it, if you don't want to ruin your credit or file bankruptcy.
2007-08-07 12:33:09 · answer #2 · answered by cjo 2 · 0⤊ 0⤋
You can request a deed in lieu from your mortgage company...depending on your mortgage status they may or may not accept in favor of foreclosure instead.
Even if they do accept it will show as a voluntary give back on your credit report which is not that much different than an involuntary forclosure. And you will most likely still owe the deficiancy balance, just as if you were forclosed on.
2007-08-06 16:44:43 · answer #3 · answered by Anonymous · 1⤊ 0⤋
you sell it for at least the amount of the mortgage payoff.
if it won't sell for that much and you can't or won't come out of pocket for the difference, the answer is "no".
so then you bite the bullet and get out from under anyway. Going voluntarily is usually better than getting evicted some day. Landlords don't want tenants who have been evicted anywhere.
GL
2007-08-06 16:36:54 · answer #4 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Check with your lender. Depending upon what kind of loan you have, they may offer you a deed-in-lieu of forecloseure. Meaning you walk away with nothing even if there is equity in your house. And again, depending upon who your lender is & the type of loan.
2007-08-06 16:36:51 · answer #5 · answered by biker_beeotch 2 · 2⤊ 0⤋
you could sell it before the foreclosure . I hope that this does not happen way too many ppl losing their houses these days.good luck to you .
2007-08-06 16:36:07 · answer #6 · answered by Kate T. 7 · 0⤊ 0⤋