Improve credit by selling my home?
I am 10 grand in the hole on my payments on my mortgage. As a background to this story: in Feb 2009, I was three months behind, and I decided to try for a modification under the Making Homes Affordable Plan. Once I was under the trial period while they reviewed my account, I made modified payments (300 less) since I wasn’t making my normal payments it went on my credit as if I wasn’t making payments behind. Well here I am a year and half later and three failed modifications later (finally they told me that i didn’t qualify because my debt to income ratio was too high) And I am 10 grand in the hole. My mortgage company is telling me that my only options are a deed in leui or a short sale, or of course foreclosure. I dont want to do any of these things because this will further screw up my already messed up credit.
I am thinking of selling the property to one of those Buy Your Home Quickly places. If it will get me out of my mortgage, without a foreclosure or the deed in leiu (which will drop my credit 250 points).
My question is, how will selling the property (with the 10 grand payment default) appear on my credit?
Any help will be much appreciated.
okay…i know they are trying to swindle me…i wont settle for anything less than what i owe to be paid to me for my home.