Posted on: 09th Apr, 2010 09:44 am
i've owned my home for eleven years. i am a widow working full time and raising three young children. i lost my husband to a brain tumor five years ago. i am current on my mortgage payments and my credit score is 780. my house has been on and off the market for the past four years. i've had to refinance several times. recently my neighborhood has been labeled a cancer cluster. i live out in the acreage. my neighbors next door and across the street all have brain tumors. now i know i will never be able to sell my home -- i can't even give it away! we don't know if it's the water or soil that's causing these brain tumors. i need to look out for my children's health. i am thinking of foreclosure or deed in lieu. the value of my home was $500,000, now it's about $200,000.00 and rapidly declining. i owe $295,000.00. i don't want to live in my home and i don't want to keep it! should i short sale, deed in lieu or let it go into foreclosure???
in my opinion, deed in lieu of foreclosure will be a good option to get rid of the property. you will have to contact your lender and apply for a deed in lieu of foreclosure. depending upon your situation, the lender will let you know whether or not your request will be accepted. however, you should note that your credit score would get lowered by 250 points and you won't be able get a loan within the next 3-4 years.