Foreclosing is always a horrible idea but could it be right for me?

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Foreclosing is always a horrible idea but could it be right for me?

I know the sound of foreclosing is crazy but I am in a situation where my income has become has been cut by $800 a month and I can not make my mortgage payment. My father in law wants my family to move in with him and eventually him sign his house over to him but I am only 23 and don’t want to ruin the rest of my life. I have looked into a short sale and a agreement where someone else takes over payments but we stay on the mortgage, I can’t remember the technically term, but I am getting no where. What do I do?

Asked on June 13, 2009 under Real Estate Law, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in thie area.  If you do not care about keeping the house, then try to rent it to someone and move out.  If the mortgage is too high to where it is more than the fair market value of rent, try to do a mortgage modification with the bank (i.e. lower interest rate so the payments are less/affordable).  Then you can rent it or stay in the house.  If you just want to get rid of this headache, then do a short sale where you find a buyer for less than what is owed and get the bank agree to take less in satisfaction of the full amount.  While this will impact your credit, you can get outta this mess.  I suggest that you first try to modify the mortgage with the bank. Call the lender and ask about this.  Obama has a plan in effect that is helping people in your situation keep their homes for the very reason you cite here.


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