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Assistance Options When Giving Up Your Home

When tragedy strikes and you are unable to make the payments on your mortgage you will do anything to keep your home. While there are various options to help you keep your home, sometimes the worst is unavoidable. If there is no means for upcoming income, or the debt you incurred by not being able to make payments is too overwhelming, the only option you may have is to give p your home.

If this turns out to be the case, National City Mortgage can help. We offer three options to give up your home. The first is selling your home at a cost lower than what is worth and what is owed on it. This short pay off is only an option is the cost of your home is less than what you still owe on your loan. A qualified National City Mortgage representative can help you determine the market value of your home and if this is a viable option for you.

The second option you have is to find a buyer to take over your mortgage. This is allowed in situations like this even if the terms of your loan state that it cannot be assumed by another person. This is a special circumstance and can be negotiated by your National City Mortgage rep. This type of method is called an assumption of the mortgage.

The final option you have in the unfortunate event that you cannot payback your mortgage and have to give up your home and it is not selling is to accept a deed in lieu. This means that no one has placed an offer on your home within a certain amount of time. Because of this, National City Mortgage may take the property title as a means to settle the debt you owe.

We realize that this is a trying time, so National City Mortgage will do all we can to make the transactions as hassle-free as possible.


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