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I am 100K upside down in my home here in Las Vegas - the Deed-in-Lieu option even a consideration for me?

If I foreclose, can you explain to me my liability re: property taxes?

My credit score was 735 two months ago. I missed 2 mortgage payments and it dropped 200 points. I have been paying my bills on time forever, even though two cards are maxed... Seems a pretty steep drop - yes?

Thanks!

jenkin7 · Posted: Mon Feb 09, 2009 9:31 pm Post subject: foreclosure vs deed-in-lieu

Hi gman,

foreclosure is the worst of all. It hurts your credit in the worst possible manner and lowers your credit score by more than 250 points. The home equity, too, doesn't seem to be too for you to refinance. Thus, I think, deed-in-lieu will be a better option. But this is subject to the lender's approval. So, contact your lender and try and negotiate a deed-in-lieu agreement with them.

msnover92571 · Posted: Sat Feb 28, 2009 6:47 pm Post subject:

If possible try to avoid a foreclosure as it will ruin your credit for 7 years and lower ur fico by around 250 points.

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Foreclosure Vs. Deed-in-Lieu