Posted on: 25th Jan, 2010 12:10 pm
is d in l a better option than including property in bk?
Hi samm,
If you want to get rid of the property or if you want to file bankruptcy just to get rid of the house, then deed in lieu of foreclosure is a good option. It will help you in selling off the property. Though your credit would get lowered by 250 points, you won't have to pay the balance amount resulting from the sale. On the other hand, the bankruptcy will help you in making a fresh start.
If you want to get rid of the property or if you want to file bankruptcy just to get rid of the house, then deed in lieu of foreclosure is a good option. It will help you in selling off the property. Though your credit would get lowered by 250 points, you won't have to pay the balance amount resulting from the sale. On the other hand, the bankruptcy will help you in making a fresh start.