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Behind in Payment |
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Hello,
MY girlfriend bought a condo in fl about a year ago her morgage is 3,500 amonth she can no longer afford the payment ,she put it on the market about 6 months ago, it's been shown about 4 times now. No offers as of yet. She is being told by her family to let it forclose, i have told her that it would damage her credit, be on her report for ten years,drop her credit score. My friend who is very knowelegable in realestate say's she has options.
what woud you do in this matter?
Thank You,
Scott |
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Foreclosure on her credit report is more damaging, at least as far as future mortgage loans are concerned, than a bankruptcy would be. If your real estate friend knows of options, I'd like to hear what they are. My own advice is to drop the price promptly and regularly till she hits a level that attracts offers. But I don't know the figures -- whether she owes more than she could expect to get for it. If so, she should be discussing the problem with the lender's "workout" department. They don't want to take it back, that's not the business they're in. Sometimes they'll have solutions to offer. Let me know what happens; I'm interested. |
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Edith
Originally published on July 17, 2007 |
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