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Should i do a deed in lieu or foreclosure, a shortsale, or let the house forclose?

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estebanpenameza Joined: 24 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Aug 24, 2010 7:34 pm    Post subject: Should i do a deed in lieu or foreclosure, a shortsale, or l Like 0 Dislike 0 Bro. I neede some help. I have an option to do a deed in lieu of foreclosure. I have a realator that is telling me not to do it and to try to do a short sell. I live in california, and would like to know what is my best option. I do not live near the property becuase i am in the Military(United States Marine Corps). Can you please advise me? Thank you for your help.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Aug 24, 2010 9:40 pm    Post subject: Like 0 Dislike 0 Hi estebanpenameza, As the property is located in California, the lender will not be able to come after you for the deficient balance if your property is sold off. In that case, short sale would be a good option as it would have a low affect on your credit score compared to a deed in lieu of foreclosure. A short sale will reduce your score by 250 points whereas a short sale will reduce your score by 80-100 points. Thanks

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