The Realtors below are correct.Private Mortgage Insurance is for the lender's benefit.It protects them from your default.
If you allow the home to foreclose it will have an impact in more waysa than one.
There are better options to foreclosure.It may seem like the other options are not worth the effort but in the long run you will be glad that you put forth the additional effort.
IF you would like to discuss options to foreclosure please feel free to call or email me.
Connect Realty.com INC.
Mortgage insurance benefits and protects the lender/investor on the note. It does not protect the borrowers from any credit hit , judgement or liability. If you are in a hardship and this home is a primary residence, there are options available that may help you stay in your home depending on the situation. I am happy to share with you those options in case there is something you have not tried.
Otherwise, the best solution is a short sale. Short sales are less complicated these days and some lenders will assist with funds for the borrower for moving expenses. Also, as an owner occupant, the " Debt forgiveness act" is in effect until year end which will forgive owner occupants the deficient payoff amount from being taxed as income.
If you have an investment property, short sale is still a better option than foreclosure. There was a rumor or perception that foreclosure gives you a clean slate from further tax liabilty but , the debt or judgement can contnue the collection past the foreclosure and tax liability can cost you more money.
HOWEVER, tax advice is recommended with a certified/qualified tax consultant in any real estate transaction.
Feel free to contact me for a private consultation.
Adriana Orlando, Realtor
Regency Real Estate, Tracy
Mortgage Insurance only protects the lender. You may opt to do a short-sale If you are in a hardship and may be a good solution for your current situation. Call me anytime to discuss your options in more detail as well @ 209-814-0119. Thanks, Henry Brooks
Mortgage Insurance is in place to protect the lender not the home owner. There are other options rather than allowing the lender to foreclose on your home. If you have a hardship one of the options is a Short Sale. I work with most of the major lender's to help home owner's complete a short sale. It is a way you can have less impact on your credit and because it is considered a work out with the bank you can purchase again in just a few years. A foreclosure is considered you walked away from your obligation and will have major effects on your credit for many years. If you need more information please do not hesitate to contact me. Thank you and have a great day!
That doesn't let you off the hook financially, it is just a safety net for the lender.
Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610 Direct
(209) 433-2000 Fax
License No. 01468373
It's best to short sale vs foreclosure.. if this is your primary residence, then you may qualify for mortgage debt forgivness program, which it was extended till end of this year.
Please call or email me so that we cxan talk in details.
Nino Koochou CRS,QSC,A-REO
Re/Max Property Professionals
(209) 814-3424 Ph
(209) 836-0656 Fax
If you qualify for short sale and bank approves it then they will forgive the remaining loan and you could qualify to buy another home immediately or 2-3 years, depends on your current situation.
I have helped many families to avoid foreclosure. Let us know if you have any further questions.
A foreclosure means everyone loses, the bank, the community and you. With a short sale everyone wins the bank, the community and YOU! Don't hurt yourself and your community by not exploring the option of a short sale. the benefits far outweigh a foreclosure.