Posted on: 18th Apr, 2010 03:11 pm
im thinking of a deed in lieu of foreclosure. if i give the property back am i free and clear of deficiency or will they go after that as well?
Welcome Guest,
If the lender agrees to your request for a deed in lieu of foreclosure, then you won't be liable for paying off the deficient balance. The lender will forgive it and won't come after you to recover the dues. However, it'll have a negative affect on your credit score. Your score would get reduced by 250 points.
If the lender agrees to your request for a deed in lieu of foreclosure, then you won't be liable for paying off the deficient balance. The lender will forgive it and won't come after you to recover the dues. However, it'll have a negative affect on your credit score. Your score would get reduced by 250 points.