Posted on: 09th Jun, 2010 04:47 pm
i am divorced and do not reside in house. the ex wife and i are both on deed but i am the only one on promissory note/mortgage. she resides in house and is now in foreclosure and short sale has not worked. foreclosure auction is in 2 weeks; should i accept foreclosure or try for a deed in lieu of foreclosure?
Welcome Guest,
As your name is on the mortgage docs, you are responsible for the payments. Rather than letting the lender foreclose the property, it would be better if you could apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and the lender will forgive the deficient balance resulting from the sale of the property. However, the credit effects would be the same in both the cases.
As your name is on the mortgage docs, you are responsible for the payments. Rather than letting the lender foreclose the property, it would be better if you could apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and the lender will forgive the deficient balance resulting from the sale of the property. However, the credit effects would be the same in both the cases.