Posted on: 29th Jun, 2011 03:09 pm
I have a new mortgage (about 2 years ago) and still can't sell my old house which is in the same state but in a different location. During this time I have been able to rent to some family but they will be moving soon and thus back on the market which was not successful the first time. Would a deed in lieu hurt my current mortgage? What is the best scenario financially and credit wise to me...to sell for what I can and woudl the bank agree to a loan forget the remaining balance? or should I even go for that? just drop it and do the deed in lieu. Thanks!
hi guest!
welcome to forums!
a deed in lieu of foreclosure won't hurt your present mortgage. however, it will lower your credit scores by around 250 points. if you go for a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
a deed in lieu of foreclosure won't hurt your present mortgage. however, it will lower your credit scores by around 250 points. if you go for a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property.
feel free to ask if you've further queries.
sussane