Posted on: 20th Aug, 2010 04:11 pm
Is a DIL better to do than a short sale?
welcome guest,
both deed in lieu of foreclosure and short sale have their own advantages and disadvantages. both deed in lieu of foreclosure and short sale will help you in getting rid of the property. however, in case of a deed in lieu of foreclosure, you won't be liable for paying the balance dues resulting from the property sale. however, your scores would go down by 250 points. in a short sale, you would be liable for paying back the deficient amount to the lender but your score would get reduced by 80-100 points.
both deed in lieu of foreclosure and short sale have their own advantages and disadvantages. both deed in lieu of foreclosure and short sale will help you in getting rid of the property. however, in case of a deed in lieu of foreclosure, you won't be liable for paying the balance dues resulting from the property sale. however, your scores would go down by 250 points. in a short sale, you would be liable for paying back the deficient amount to the lender but your score would get reduced by 80-100 points.