Question: My fiancee purchased a home in MD. with the Farmers Home Loan mortgage two years ago. She has moved up to NJ and was looking to sell the property, but the market value is less than the mortgage. She cannot afford to take the loss on the house.
My question is whether she can voluntarily confer the property back to FnHa? I believe there is a provision allowing this, but it does not go into great detail.
Any info would be appreciated.
Answer: Foreclosure could permanently affect her credit in an adverse way for the purposes of future real estate purchases; when you get married, it will affect BOTH of you. The easiest solution is to rent the property. If you want to sell, you may want to consider creative financing. If you want me to find someone in your area who specializes in creative finance, provide the property address and your day and evening telephone numbers when you reply.
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