Posted on: 28th Feb, 2013 01:14 pm
My parents have been having problems with bills because they only get a small social security check. My father worked but,at 71,it's hard for him to work now. I send them money for food cause there is no money left at the end of the month. They have a mortgage on their home they can't afford anymore. My mom has many problems with her health.She has to start dialysis next week. They want to come live with me,and that is great with my wife and I but, I have to do something with their home. We have had it for sale for 3 months. No one has even looked at it. I have read about the Deed in lieu. Is this something that would work for them.
welcome mybuddy,
a deed in lieu of foreclosure will help your parents in order to get rid of their homes. but this will have a severe negative impact on their credit scores. if that is not an issue with them, then they can go ahead with the deal.
a deed in lieu of foreclosure will help your parents in order to get rid of their homes. but this will have a severe negative impact on their credit scores. if that is not an issue with them, then they can go ahead with the deal.
hi mybuddy,
a deed in lieu of foreclosure will lower your parents' credit score by around 250 points. moreover, they won't be able to get a new mortgage for the next 3-4 years.
thanks
a deed in lieu of foreclosure will lower your parents' credit score by around 250 points. moreover, they won't be able to get a new mortgage for the next 3-4 years.
thanks
A deed in lieu of foreclosure will enable your parents to get rid of their home. But, this is going to hurt their credit score by a great extent. If they aren't worried about their credit score, then they can surely proceed forward with it :)
The above post has been made by Kate Kelley.