Posted on: 22nd Jun, 2009 03:36 pm
I have missed several months paying on my home and have 2 parties presenting a short sale to myself and my realtor; is this better than doing a deed in lieu ? The bank just said I am up for a review to be foreclosed. Which is better for my credit? Short sale or Deed in Lieu. I don't want to have to be responsible for any debt owed and would like to walk away frm the home even though i put alot of money down to buy it and did lots of upgrades while living there for 8 years.
My email is "erakoczy@att.net" and appreciate any advice!!!!!!!!
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My email is "erakoczy@att.net" and appreciate any advice!!!!!!!!
[size=9:6e56dc6e2e][color=Red:6e56dc6e2e][Email address deactivated as per forum rules][/color:6e56dc6e2e][/size:6e56dc6e2e]
erakoczy
Welcoem to the forum
Short sale is always a better option than a deed in lieu
But the you may be responsibel for the difference. All will depend what the bank agrees on.
Good luck and feel free to ask
Welcoem to the forum
Short sale is always a better option than a deed in lieu
But the you may be responsibel for the difference. All will depend what the bank agrees on.
Good luck and feel free to ask
Hi
A short sale would no doubt be a better option as it will affect your credit by 75-100 points. A deed in lieu, on the other hand, will affect your credit almost as much as a foreclosure would do, almost by 200-250 points. But in a deed in lieu, the difference is generally for forgiven. But in a short sale, you need to pay the deficiency.
A short sale would no doubt be a better option as it will affect your credit by 75-100 points. A deed in lieu, on the other hand, will affect your credit almost as much as a foreclosure would do, almost by 200-250 points. But in a deed in lieu, the difference is generally for forgiven. But in a short sale, you need to pay the deficiency.