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Buying or Selling a Home/I'm current on my mortgage but I need to relocate to a nother city immediately

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Expert: - 7/20/2010


Question
I am current on my mortgage, but I need to relocate to another state, and I want to get out of my current mortgage asap.  can I ask the mortgage company to take it back?

Answer
Hi Byron, whether or not the mortgage company will "take it back" is up to them and varies from region to region. This is called a deed in lieu of foreclosure, and it will impact your credit negatively. Most lenders have discontinued this practice because if there are any unpaid liens (which are not always recorded), the bank would then become responsible for this lien. Those could include utility back payments, HOA dues, special assessments, etc. So most banks will not do a deed in lieu of foreclosure anymore.

Are you upside down in your home? You may want to call the lender's loss mitigation department and see if they will let you do a short sale without having late payments. The late payments have a huge effect on your credit scores, and if you can do a short sale without one, there is only a very slight ding to the credit. We have been able to do short sales with no late payments and the sellers were able to pay another home within six months.(If you have an FHA loan, though, it is required that you have a late payment before a short sale can be considered.) A deed in lieu of foreclosure will also negatively impact your credit and of course a straight foreclosure will have quite an impact.

Hope this helps a little???

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

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