We got suckered into and 80/20 2 yr fixed 28 arm before we knew any better well we are adjustable now and struggling to keep our heads above water. I can't refinance I have already resigned myself to the fact taht we are going into a lease. SO I have the house on the market but the market is so weak that the house isn't really worth what I owe on it. I want to find out how to get out with out hurting my credit any more than it already is. Does HUD hurt your credit? How can I get out?
2007-10-01 17:35:45 · 5 answers · asked by daisy_77375 2 in Business & Finance ➔ Renting & Real Estate
Unless you can sell for enough to cover what you owe your credit will get some sort of damage to it. The best case is if the bank agrees to a short sale which means that they will accept something less than they are owed.
The next, more severe case is foreclosure and that will certainly affect your credit.
Usually any difference between the price the bank gets for the house and what you owe, if forgiven, is considered income to you and you have to pay income tax on it (you get a 1099 form from the lender). The only government assistance that I am aware of is a proposal that would make this non-taxable to you, but I don't know if they actually passed a law or if it is still a proposal.
HUD is Housing and Urban Development and I don't believe they can help you.
Good luck!
2007-10-02 01:51:04 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Your situation is like so many others. Have you exhausted all the refinancing options? Have you called your lender to ask about options? If not, this is the first place to start. The loss mitigation dept. is the one that handles this situation. You might also benefit from seeking some credit counseling... contact the National Foundation for Credit Counseling, at www.nfcc.org or call 1-800-388-2227.
If you are looking to sell your house quickly, contact HouseBuyerNetwork.com to see if they have an investor in your area. They are skilled in short sales to avoid foreclosure.
Good luck!
2007-10-02 03:42:57 · answer #2 · answered by Christiane 3 · 0⤊ 0⤋
Nobody is aware of what's in Area fifty one. If had learned extraterrestrial beings, we could understand approximately it already. Thats a mystery thats too big for the federal government too hold hidden. Unless the extraterrestrial beings have been learned many gentle years away with the usage of telescopes. Either approach, it's HIGHLY not likely that this might be saved hidden.
2016-09-05 14:24:59 · answer #3 · answered by korting 4 · 0⤊ 0⤋
You need to contact the company you pay your mortgage payments to and talk to them about something called a deed-in-lieu. It's a better situation than having a foreclosure on your credit report, but there are tax ramifications.
2007-10-01 17:40:38 · answer #4 · answered by annazzz1966 6 · 0⤊ 0⤋
You and several thousand other people - in the headlines.
HUD won't help - it guarantees lenders in low income areas, not the borrowers.
2007-10-01 17:39:17 · answer #5 · answered by Mike1942f 7 · 0⤊ 0⤋