Helpful advice, tips and insights for your changing real estate needs.
A financial hardship letter is a document you submit to your lender outlining your financial difficulties. Communicating with your lender is one of the most important things you can do once you determine you’ll be more than a few days late or unable to make your payment.
The deed in lieu of foreclosure transfers the title of a house from the borrower to the lender. The lender owns the home, and the borrower gets out from under their mortgage. While a deed in lieu of foreclosure will still affect your credit report, it’s often less detrimental than a full foreclosure.
If you inherit a house, you have a few options. You could keep the house as your primary residence, use the home as a rental property, make improvements and sell it later, or sell the home right away.