If you are in a position where you are forced to move, say by job transfer or because of health and clinic attendances, and you cannot sell your home, what can you do?
Well, first let’s clarify the issue: chances are, you can sell your home – but you don’t want to sell it for a nominal amount. You don’t want to sell it for an amount below its value, or worse yet you don’t want to sell it for below what you owe on it.
Some people just walk away from their home and start over – not advisable. This impacts your credit rate badly in fact, it is the worst possible thing you can do to it!
One possibility for solving this matter is to tell your Lender the truth. The Lender does not want the bother of foreclosure either; it will cost their company money. If you tell your Lender that you cannot pay the monthly costs, you can then ask them if they can help you with a short sale on your property.
In order to back this request up, you will need to have a copy of a financial statement that you will have drawn up. This will show your assets and wages and will prove to them that you have no more money left to pay the...
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