Deed in lieu of foreclosure/negative 80-100k equity in the home.

Question

I owe 410k on two mortgages (260k to Wells Fargo/150k to Chase) for my home and my home is not worth more than 300-340k. I have barely been keeping my head above water making payments on the home. I have debt as well (50-60k) that needs to be paid off but don't have the money to do so. My wife and I want to move to a neighborhood with good school systems within the next 3 years so our daughter and son can start 1st grade in a good school district. Our fear is that not only will we struggle to continue to make payments on time but that when we sell our house in 3 years that we will go to the closing table owing money. I have read about people just walking away from their home and others doing a deed in lieu of foreclosure. I could really use some advice as to what to do with our financial situation.

Answer 1

Hi this is james. I am a private party that has the cash for your trust deed, I buy notes and other cash flows. I help people who have future income liquidate it for a lump sum of cash NOW. You see we have investors standing in line waiting to buy your note. So if you have a note on a property that you have bought, at another location, and the party on that other end has defaulted, n stop paying you, we can get

you the cash for that property. So please give me a call at   937-325-0683, n we can get you started. Thank You, James Hubbert

Answer 2

You have few options and they are all bad.  You don't want to walk away. If you stop making payments, stay in the house until the last day. That way you protect the house. If it gets vandalized before the foreclosure auction, it is your problem.  So take a video of the place on the day you move out with it all clean. The sheriff will arrive to make sure you are out and you can give him the key.

Or you call the bank and say that you are signing a deed to them today. Why wait for the foreclosure. Why worry about vandals.  My friend made this call 2 weeks ago.  Wells Fargo is offering to allow him to skip 6 mortgage payments.  Their first offer was to add the 6 to the end of the loan.  He said no.  They now said they will forgive the 6 payments and not add them.  He has decided to stick it out. /

Answer 3

There are actually companies that will work with you to buy your mortgage away from your mortgage company and avoid your foreclosure. Try looking into it at http://www.speedyrealestate.info. Good luck!

Answer 4

Find out if you can sell your house. That is probably your best bet. You probably won't get what is owed but you will at least owe less. You might even find someone willing to take over your mortgages or rent-to-own. There are things you can do. The worst thing to do is nothing. One emergency comes up that takes your money and you're screwed. Once you get behind you STAY behind. Then you're foreclosed on and everything else.

Just see if you can sell it and what you'll get for it. That's where you start. You have to try and get out from under while you can.