Posted by Fp on June 24, 2009 at 08:21:51:

In Reply to: Re: Foreclosure advise posted by Raj on June 24, 2009 at 06:59:46:

In your situation it would be more beneficial if your loan is secured by a mortgage rather than Dee Of Trust.

If in fact you have a mortgage, your situation may not be as bleak as you think.

Rather than hamper your credit and default and since you cannot afford to carry the property this is my recommendation.

Rent the property with option to buy. There are tons of people looking for that today.

Now the rent may cover all or part of your mortgage payment. If the renter chooses not to exercise the option to buy latter. hopefully the value has increased. This will allow you to sell for more money, pay off the mortgage and save your credit.

Hope that works for you. If you have additional questions or concerns or need renter buyers, please advise

Follow Ups:

• Re: Foreclosure advise - Raj 20:28:24 06/24/09 (1)
  • How will you - Fp 04:50:26 06/25/09 (0)

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