Posted on: 04th Jun, 2011 03:29 pm
my lender is offering for a opportunity to qualify for a Short Sale or Deed-in-liue of foreclosure. I dont know what to choose !! How much time will it take if I opted for Deed-in-liue of foreclosure procedure ?
hi nairjpin!
welcome to forums!
if you go for short sale, you will be liable for paying the deficient balance resulting from the sale of the property and will lower your credit scores by 75-100 points. however, in case of a deed in lieu of foreclosure, the deficient balance will be forgiven by the lender but your credit scores will get reduced by 250 points. in my opinion, it is a better option to go for deed in lieu of foreclosure as you won't be liable for the deficient balance.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you go for short sale, you will be liable for paying the deficient balance resulting from the sale of the property and will lower your credit scores by 75-100 points. however, in case of a deed in lieu of foreclosure, the deficient balance will be forgiven by the lender but your credit scores will get reduced by 250 points. in my opinion, it is a better option to go for deed in lieu of foreclosure as you won't be liable for the deficient balance.
feel free to ask if you've further queries.
sussane
