Posted on: 28th Mar, 2010 07:33 am
Is a deed in leiu better better to take or should I do the foreclosure if I know I have a buyer but sale is pending on a USDA load. Deed in Leiu has to be signed off by the 1st and the buyers have approval but pending on the USDA approval and will take another 20 days.
hi jlrock,
though the negative effects of both the options on your credit report are same, deed in lieu of foreclosure is always better in comparison to a normal foreclosure. if you go for a deed in lieu of foreclosure, you won't be liable for the balance amount resulting from the property sale. i would suggest you to wait for 20 days and check out if you can get the usda approval.
thanks
though the negative effects of both the options on your credit report are same, deed in lieu of foreclosure is always better in comparison to a normal foreclosure. if you go for a deed in lieu of foreclosure, you won't be liable for the balance amount resulting from the property sale. i would suggest you to wait for 20 days and check out if you can get the usda approval.
thanks