Posted on: 11th Jun, 2010 11:41 pm
Short Sale vs Deed in Leiu
In case of a deed in lieu of foreclosure, the lenders generally forgive the deficient balance resulting from the sale. If the lender charges you a stipulated sum of money after the sale, it's better to go for a short sale. The credit affects in case of short sale is lower than that of a deed in lieu. Also, you are liable for the deficient balance in case of a short sale.