Posted by Raj on June 23, 2009 at 10:22:03:

I have a house in Maryland ( market value 289,00 , loan pending 290,000 ). Due to cold weather my wife was sick. And we moved last year to Texas. We put the house on market for sale since july 2008. No buyer untill December 2008. Then we put it on short sale for 250,000 for some time. The bank didnot approve the short sale. we found a buyer for 225,000.And the buyer had withdrawn. Its very hard to maintain the home there. lawn maintenence, utility bill etc. ( Mortgage is $ 2389.00. I just cannot make anymore payments. I have to pay rental here in texas too. I just stopped making payments from this months.

I have written a letter to the bank asking for deed in lieu of foreclosure.


And I dont want any money from the house. But I cannot the mortgage anymore.

I have spoken to my employer, they say no problem with job if I had to foreclose

We decided to live in apartments for 5 to 7 years.

I dont know what will happens. please guide us the steps for foreclosure or deed in lieu of foreclosure. what are the cosequences.

Appreciate your help

Follow Ups:

• Pre-Foreclosure Infornation - Ann Louis 10:28:32 06/29/09 (2)
  • Re: Pre-Foreclosure Infornation - steele in minnesota 19:38:00 06/29/09 (1)
• Re: Foreclosure advise - fp 20:35:12 06/23/09 (4)
  • Re: Foreclosure advise - Raj 06:59:46 06/24/09 (3)
    • Re: Foreclosure advise - Fp 08:21:51 06/24/09 (2)
      • Re: Foreclosure advise - Raj 20:28:24 06/24/09 (1)
        • How will you - Fp 04:50:26 06/25/09 (0)
• Re: Foreclosure advise - steele in minnesota 11:01:28 06/23/09 (3)
  • Re: Foreclosure advise - Raj 11:12:19 06/23/09 (2)
    • Re: Foreclosure advise - steele in minnesota 11:19:31 06/23/09 (1)
      • Re: Foreclosure advise - Raj 11:25:41 06/23/09 (0)

Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments: