Hi Jessica! I would like to ask for your guidance about our house here in N
Hi Jessica! I would like to ask for your guidance about our house here in N
Hi Jessica! I would like to ask for your guidance about our house here in NJ. We been struggling to pay the monthly mortgage until we decide to have the house on short sale. We have 2 loans on the house we stopped paying the bigger loan but continued on the 2nd one as per advice by our mortgage lawyer. It's been almost a year now and still no offer. We are planning to apply for the deed and lieu but we want to know which one is better from short selling? Our main problem is we have depleted all our money and me and my wife are really in alot of stress of what to do. What if there is any payments that will come up and honestly we have no more money left. Please give us some advice.
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Both deed in lieu of foreclosure as well as short sale will help you in selling off the property. However, in case of a deed in lieu of foreclosure, you won't be liable for paying the deficient balance resulting from the saleof the property but your credit scores will go down by 250 points. In case of a short sale, you will be liable for paying the deficient balance but your scores will go down by 80-100 points only. Now it will be your discretion which option you need to go for.