Wait less time to qualify for another mortgage: Depending on what type of mortgage you have (conventional, FHA, or VA), your waiting period may be shorter to qualify for another mortgage if you do a deed in lieu instead of a regular foreclosure.To do this, you’ll have to be able to afford fair market rent. Delay moving: Another option your servicer may provide is to lease the home back for up to a year.Get free temporary housing: You may be able to stay in your home for up to three months without paying rent under some agreements.Get relocation assistance: Your servicer may offer a relocation assistance payment of up to $2,000 (for Federal Housing Administration (FHA) loans) or $3,000 (for conventional loans) to help you move if you complete all the requirements of the deed-in-lieu agreement.A foreclosure can take years in some states. Move on sooner: A deed in lieu of foreclosure takes about 90 to 120 business days to complete.In other words, it will be easier for you to get a fresh start, financially speaking, after losing your home. If you’re in a recourse state where a lender can collect the difference between the home’s value and what you owe, limiting how much you owe will also limit any deficiency judgment.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |