Posted on: 01st Sep, 2009 01:33 pm
i need to figure out which option is faster, bankruptcy or foreclosure. I NEED to get this house off my hands. I am not so worried about the credit aspect, but i just want to get rid of this house.
Both bankruptcy and foreclosure will take quite some time to complete. You've mentioned that you want to get rid of the property. In that case, why don't you apply for a deed in lieu of foreclosure? In this process you will have to surrender the property to the lender. The lender, on the other hand, will sell it off to recover the dues. The best part of a deed in lieu is that you won't be liable for paying the deficient amount.