Posted on: 20th Mar, 2010 12:38 pm
We have tried to short sale our house, and have had 4 buyers. The bank has turned down all 4 offers. We are 1 month from the sheriff's sale. We have moved out of the house. We have been in default for 8 months. Any suggestions? I'm fine with a foreclosure if that's what it takes. I have been relocated for work and cant stay in the house.
you can apply for a deed in lieu of foreclosure with your lender. after a short sale/foreclosure, you would be liable for paying off the deficient balance resulting from the sale of the property but in case of deed in lieu of foreclosure, you won't be liable for paying the balance amount.