Posted on: 29th Jul, 2010 07:55 pm
i moved for a better job 3 years ago and was able buy a new home using the equity in my first house and then unable to sell because the market crashed. i have been struggling with the two mortgages and have gradually gone further into debt. i have reached the point of questioning whether it is worth holding on to the first home any longer, but worried about the fallout. any suggestions?
Hi semirich,
Rather than going for a foreclosure, it would be better if you could apply for a deed in lieu of foreclosure. This will help you in getting rid of the property but unlike foreclosure, you won't be liable for paying the balance dues resulting from the property sale. However, the credit affects would be same. Your credit score would go down by 250 points.
Take care.
Rather than going for a foreclosure, it would be better if you could apply for a deed in lieu of foreclosure. This will help you in getting rid of the property but unlike foreclosure, you won't be liable for paying the balance dues resulting from the property sale. However, the credit affects would be same. Your credit score would go down by 250 points.
Take care.