Posted on: 24th Apr, 2009 12:38 pm
i was recently speaking to 3 realators and one said to research "deed in lieu of foreclosure" on the home which i cannot afford to make further payments. my second home is out-of-state and we will be moving there by end of may. what should i do...the market here in sw florida has my home at 128k with a balance of 221k. should i enter into a deed in lieu of foreclosure arrangement? please advise.
Hi
If you're finding it difficult to stay current on one of the properties, you can definitely consider the option of a deed in lieu of foreclosure. This will no doubt affect your credit negatively, but it will atleast be a bit less damaging than a regular foreclosure.
If you're finding it difficult to stay current on one of the properties, you can definitely consider the option of a deed in lieu of foreclosure. This will no doubt affect your credit negatively, but it will atleast be a bit less damaging than a regular foreclosure.