Posted on: 16th Jan, 2013 11:28 pm
i purchased a property more than 3 years back in the hope that i will fix it up and sell off the property. but with the downfall of the market, the house is now underwater and most importantly we have 2 mortgages on it. the family has also grown in size. should we apply for a deed in lieu of foreclosure to get rid of this property?
Yes, I think it's a wise decision indeed to apply for a deed in lieu of foreclosure. Find out and get in touch with a lender and take care of the necessary processes.
A deed in lieu of foreclosure is certainly a better option than getting your property foreclosed. The negaive impact of deed in lieu of foreclosure is much less than the negative effects of foreclosure.
A deed in lieu of foreclosure is NOT necessarily the best option, especially if it is not properly handled. You need to speak with an attorney that specializes in this.