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My wife and I recently relocated to another state for work. She was unable to sell her townhouse due to the terrible housing market. She owes more than it is worth and we would have to come to the closing with $15,000 which we do not have. She is renting it although the rent she recieves is $600 short of the 1st and 2nd monthly mortgage payment. We can't afford to keep renting it and can't afford to sell it. If we have to forclose or deed-in-lieu how does that work with a first and second mortgage that are with different lenders. Any suggestions would be appreciated.
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It all depends on your state. Certain states have different laws for foreclosure. Your state could be judicial or non judicial. A deed in lieu would be something that you and your lender would have to work out. Basically when you do a deed in lieu, you hand your keys to the house and the lender will call it even. You're bascially giving them back the property. What depends is, (again) your state, your investor (different investors have different guidelines, how much you owe and the policies of your lender. When you're in foreclosure, its rough to get out. I would not suggest going into foreclosure if you can not reinstate or payoff the loan. When you're in foreclosure lender may refer you to a special department (loss mitigation) where they can work with you and you'll be placed on a payment plan to have this property paid in full. You should find out if you can work out a payment plan before you get into foreclosure. Can you charge more rent?
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