Posted on: 14th Sep, 2010 11:46 am
We are now going on the 2nd missed house payment for our 1st and 2nd mortgate. We owe our 1st $168,000 and our 2nd $70,000 and when we contacted a realtor were told that we could probobly only sell right now for $209,00
we have a 4000sq ft home with 5 beds 4 baths and there is only 3 of us living there right now so the house is way to much for us to handle and I am tired of throwing away $2000 per month. Is my best option a short sale or a deed in lieu?
we have a 4000sq ft home with 5 beds 4 baths and there is only 3 of us living there right now so the house is way to much for us to handle and I am tired of throwing away $2000 per month. Is my best option a short sale or a deed in lieu?
hi awood,
if you don't wish to pay the deficient balance resulting from the sale of the property, your best option would be to go for a deed in lieu of foreclosure. however, your credit score would go down by 250 points if you go for a deed in lieu of foreclosure. in case of short sale, though you would be liable for the balance amount after the sale, your score would go down by 80-100 points.
thanks,
jerry
if you don't wish to pay the deficient balance resulting from the sale of the property, your best option would be to go for a deed in lieu of foreclosure. however, your credit score would go down by 250 points if you go for a deed in lieu of foreclosure. in case of short sale, though you would be liable for the balance amount after the sale, your score would go down by 80-100 points.
thanks,
jerry