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I going through divorce with my wife now, since the house has the second mortgage on it, we owed more than the house cost. It's not good to have the house on rent, it's better cut it off. I decided to
short sale the house which is if the house is sold in the smaller amount, the mortgage company will
take the hit but still able to collect some thing.
Since there is no body give any offers, I might look in to Deed-en-Lieu foreclosure (give the key back to the bank volunteerly). It's better than foreclose because I will still get a chance to finance a house
in the future. I wrote a letter to my bank to apply Deed-en-Lieu, if there is an offer and short sale come throght that is even better, I do not want to run out of time for the Deed-en-Lieu.
Any body knows that How long it takes to fix my credit after the Deed-en-Lieu happened?
I would have to direct you to [HYPERLINK@www.creditboards.com] to find your answer there... ask them! they are all real smart when it comes to credit issues
I spoke w/my brother who has experience in this. He told me that it really depends on what the rest of your credit is like, ie...credit cards, student loans, etc... If it is good then this will affect your credit, but not terribly. Much better than a foreclosure would. Also, the situation you are in helps explain the WHY you are having to do this. He also pointed out that the housing industry is seeing such an incredible amount of foreclosures they will do just about anything to work with you so you don't have to foreclose. Also, don't wait for a reply in a letter, call them. If you really want to keep the house, call them, explain your situation, be honest and they will probably be willing to work with you.
Sorry to hear your situation, divorces are not much fun.; "been there, done that."
Work in a bankruptcy firm here in Canada...laws are different up here...
when the keys are turned back to the mortgage company, it's sold and the shortfall would still be the owners.
We up here suggest the alternative to bankruptcy which takes care of the shortfall and after the 9months in which you obtain your official discharge (although it shows on credit bureau reports for 7 yrs.) you can virtually start rebuilding your credit..traditionally, following re-building guidelines, you can have total point system back within 2 years..as well can get mortgage as a 1st time home owner as discounted rates...starts you off fresh..I could suggest you speak with someone down there...the majority of our clients are due to 'divorce' or 'illness' and this is exactly what the act is meant to address...
I been told that call them once a week and keep them posted and ask what do they need.
I also keep other credit cards bill pay on time. I used to have perfect credit score like 785.
The first mortgage and the home equity loan is the one screw me over.
After divorce I could not pay it. Hopefully they approve me the deed in leau foreclosure.
