Deed-in-Lieu

[Michangely]

I bought an apartment one year ago I put $16,000 as a down payment. The broker told me that my interest was 2.665, my payment was $541 + 117 taxes. In two weeks I received a letter saying my interest went up to 9.779. My interest payment was $1,200. This mean I was paying $541 but the rest of interest is going to my principal. In january I received a letter from the bank that my payment was going up to $1,064. The taxes went up $501. I call the bank to see if they can modify my payment they told me no. I look for counseling and they recommended to do a short sale or a Dee-in-Lieu. I tried the short sale for 3 month and applied for a Deed-in-Lieu. The bank just told me today they didn't approved, the person did not give the reaso why it was disapproved. What can I do for the bank to approved? What is my next option. How much expensive is a Forclosure. I need help. I'm a single mother with two daughter, one income.

 

[presutin]

The expense of foreclosure is for you to move out of the property and carry that on your credit record for the rest of your life. Call your lender to have them take a closer look at your situation since you have shown that you want to keep the property and negotiate with them a new monthly payment for your mortgage. In this credit crunch times, one should try anything. Good Luck!