CHAPTER 13 BANKRUPTCY
In situations where you do not want to keep the home, the following alternatives may be available to you. These options will affect your credit rating less than a foreclosure will.
SELL THE HOME. If there is sufficient equity in the property, you may be able to sell the home, payoff the mortgage(s) and walk away with money in your pocket. LOAN ASSUMPTION. Even if you do not have an assumable mortgage, some mortgage companies will allow your buyer to assume your mortgage and take over your payments. FHA loans are usually assumable. If your mortgage company approves the buyer's credit, you will obtain a release of liability and transfer ownership of the house to the new buyer.
DEED-IN-LIEU OF FORCLOSURE.
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