Posted on: 30th Apr, 2013 01:04 am
We are trying to sell off our property for quite sometime now. But it has been of no help. Though we have a good creditor, we are now planning to walk away so that we can get rid of the property. Will it be a good idea to walk away from the property or should I let the lender foreclose?
even if you walkaway from the property, the lender will foreclose it. thus, the lender will report foreclosure on your credit report. in such a situation, i will suggest you to negotiate with the lender for a deed in lieu of foreclosure.
You should try a "short sale" next. A foreclosure will be very painful for your credit.
Banks are not willing to accept the short sales these days. try to talk to them and see if they accept, but again you need to have a buyer.