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Based on my information am I better doing deed in lieu or bankruptcy on my home?

Posted on: 21st May, 2009 05:28 am
Based on my information am I better doing deed in lieu or bankruptcy on my home?...My name is Kim and we have to decide whether to do a deed in lieu vs bankruptcy on our home and our credit is very poor at this time We have roughly $5000 owed to creditors that are not credit cards and about $28,000 in student loans which am I better off going with and once I do file either deed in lieu or bankruptcy if I start from here on out making all my payments on time roughly how long will it take to repair bad credit? Will I qualify to purchase another home?
hi kim!

welcome to forums!

bankruptcy should be the last option for you to think about. as far as your unsecured debts are considered, you can check out the debt consolidation plans offered by the debt consolidation companies. it will help you to settle your debts and save you from bankruptcy.

if you have a mortgage on a property, then you can go for a deed in lieu of foreclosure. this will help you in selling off the property. however, your credit score will be lowered by 250 points. after a deed in lieu, you'll have to wait for 3-4 years in order to qualify for a loan.

feel free to ask if you have further queries.

sussane
Posted on: 21st May, 2009 11:21 pm
"if I start from here on out making all my payments on time roughly how long will it take to repair bad credit?"

Are you currently employed ? If yes then how much can you afford to pay towards the debt every month.Make one excel sheet and analyze that how much you owe and how much you can afford.
In my opinion you should also seek help from debt consolidation companies. :arrow: :arrow:
Posted on: 22nd May, 2009 12:28 am
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