Mortgage Forum

Mike

My Son MUST move next month due to he is Military. He has had his home on the market for over 6 months and NO offers. He has already signed a lease on a apartment at his new location. Once he moves,he will not be able to make the mortgage payment on the home...(well he can for about 2 months and exhaust his savings). Two dozen or so people have looked at the home buy none have made a offer. The mortgage balance is 405K and the local agents are telling him the home is only worth 340-350K.......I`m not so sure if BofA would even consider a short sale. So whats the next move????I sugested to him to ask the bank for a forbearance until he can find a buyer. If not, I quess a Deed in Leiu is next???? His credit score is near 800 and never late on payments.Renting it out will due no good, the average rent payment is around 1000.00 less than his mortgage payment,not including managment fees.He is in a real crappy deal.....40 year loan....10 year fixed.....30 year ARM.......first ten years intres only..........Sheesh