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deed in lieu vs foreclosure

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sridgway Joined: 09 Jul 2011 Posts: 1 1.00 Dollars($)	Posted: Sat Jul 09, 2011 12:44 pm    Post subject: deed in lieu vs foreclosure Like 0 Dislike 0 My husband and I lost our jobs late in 2006. In the same year we purchased a piece of vancant property. We can no longer pay our loan. It is now 2011 and we have used all of our savings. Would a deed in lieu be better than foreclosure? 7/9/2011
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sun Jul 10, 2011 10:03 pm    Post subject: Like 0 Dislike 0 Hi sridgway, You can go for a deed in lieu of foreclosure if you're facing hardship and you're unable to pay off your debts. If the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the sale of the property. Thanks

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