Posted on: 27th Aug, 2010 11:33 am
i am wondering if a deed in lieu of foreclosure is an option for an investment home i have? i do not want to foreclose on the property, being that i just foreclosed on another rental home, but have not been able to rent or sell this other property! is a deed in lieu a better option? and is it available even if it is not my primary residence? if not, can you tell me how much damage a second foreclosure will do to my credit??
A deed in lieu of foreclosure is available in case of an investment property. But there are chances that the lender won't forgive the deficient balance resulting from the sale of the property. A deed in lieu of foreclosure will lower your credit score by 250 points. Also, it will remain in your credit report for the next 7 years.