The market value of my home dropped significantly with the economy and now I need to move. I am looking for creative ways to make everyone happy, that includes the lender. I talked with the lender and they told me I don’t qualify for the mortgage restructure because all my payments are on time! Do I just walk away? I feel hopelessly stuck!
It is true that if you have a foreclosure ("walk away") you will be not be able to get another mortgage for a while — 3-5 years. It is almost as bad as bankruptcy.
A short sale will hit your credit as will some loan mods — if your FICO score drops below 620 as a result, you will also be ineligible for a new mortgage. If you can make the payments, your best option is usually to stay and pay.
If you "just walk away" your credit will be so trashed that you will NEVER be given another loan anytime soon.
References :
while it has always existed, it is a "back room" option; you can trade it for a house
near where you want to be. I can help you, legally, do that.
References :
RE broker
kkemper1@mindspring.com
It is true that if you have a foreclosure ("walk away") you will be not be able to get another mortgage for a while — 3-5 years. It is almost as bad as bankruptcy.
A short sale will hit your credit as will some loan mods — if your FICO score drops below 620 as a result, you will also be ineligible for a new mortgage. If you can make the payments, your best option is usually to stay and pay.
References :