Posted on: 26th Feb, 2013 05:16 pm
I am torn between deed in lieu, short sale or having Century 21 rent my home then I will sell it in a year. The house is upside down (cost $214000 but appraised at $195000). My credit score is already poor at 590; I have been on time with my mortgage now for alittle over 1 year (Bank of America is the lender). I am heading for a amicable divorce and the house is in both names, but there is no objection to whatever, I decide to do with the house. I will be renting in April at a lower price than my mortgage which will be a relief if I can get rid of the high mortgage payments. Not sure of the best route for the least amount of ramifications.
hi guest,
you can go for the option of deed in lieu of foreclosure in order to get rid of the property. however, it will lower your scores by 250 points and you may not be able to qualify for a loan in the next 3-4 years.
thanks
you can go for the option of deed in lieu of foreclosure in order to get rid of the property. however, it will lower your scores by 250 points and you may not be able to qualify for a loan in the next 3-4 years.
thanks
Hi Guest!
Welcome to forums!
If you go for a deed in lieu of foreclosure, you won't be liable for paying any deficient balance to the lender resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you go for a deed in lieu of foreclosure, you won't be liable for paying any deficient balance to the lender resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane