Question by Cat: How do you get out of a house that you can no longer afford?
Loan written on unimproved land, tadalafil more about so there was a 5, order 000shortage in escrow, so payment almost doubled. We refinanced, but payment still went up a bunch. Market crash, house no longer worth what it was when we moved in, so we are upside down.. electric bill is crazy! Our credit has been destroyed as we struggle to keep our heads above the water. We have already done the Home Affordable Program. This has helped but we are still not making ends meet.
Best answer:
Answer by Michael P
I’m not expert on this, but your best bet is to call an agent that is CDPE (Certified Distressed Property Expert). Basically if you can, Short Sell it is the best option, but a lot of people can’t get the banks to agree on this but a CDPE would be able to help you with this. It would have the least affect on your credit. The next would be a deed in liu foreclosure. Essentially telling the bank, here’s the keys, I’m not gonna trash the place, or have anything drug out in paperwork process I’m just walking away. A bit less of a hit on your credit than a foreclosure.
I spoke with this guy:
http://www.zillow.com/profile/Kris-Chun/
He was absolutely outstanding in the amount of free time and information he gave me. He’s based out of Napa CA not sure where you are, but he would probably have a website or name of someone in your area you could talk to.
Best of luck with all this.
What do you think? Answer below!
If you have already been down the HAP road your only options are a short sale or deed in lieu of foreclosure. A short sale is the better option because you will be assured the lender won’t pursue the debt in the future (not covered in liquidation of a foreclosure). Talk to a Realtor experienced with short sales immediately.