Nov
16
I Can Not Afford My Home Any More . What Are My Options . How Do I Avoid Foreclosure?
Byi have owned my home for about 3 years and i lost my job and i am going through a divorce . i cant afford my home . what should i do .
i have owned my home for about 3 years and i lost my job and i am going through a divorce . i cant afford my home . what should i do .
6 Comments
November 16th, 2009 at 9:23 pm
Here are your options, as I see them, at this point:
Save your money and keep current on the loan.
Work with the lender to modify the loan to be more affordable.
Refinance for a lower rate.
Sell to someone with better credit who will let you live in the house and make lower payments.
Sell outright or at a short sale.
Give the property back to the bank with a deed in lieu of foreclosure.
November 17th, 2009 at 3:49 am
sell it.
November 17th, 2009 at 5:20 am
there are many optionss to you and alot of great advice . but make sure you do what is best for you
if I can help email me .. don’t worrie I will not charge you
November 17th, 2009 at 5:49 am
If you have equity in the house sell it. If you don’t you should contact a Realtor who has experience in negotiating short sales with banks (it means convincing them to take less than what you owe). It may be surprising but banks will do this if you have someone experienced to help you through the process. The banks really really don’t want to foreclose.
November 17th, 2009 at 5:52 am
sell it. If you have no equity, you can sell it with no out of pocket expenses. Let me know if you need help selling it.
Regards
November 17th, 2009 at 5:59 am
Your house is probably an asset of the divorce and you won’t be able to get rid of it until it’s conditioned as part of your settlement with your spouse.
The best thing you can do is call your servicer and talk to them before you are late with your payments. They can advise you further.