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How to avoid deficiency judgement

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Guest	Posted: Thu Apr 08, 2010 7:54 am    Post subject: How to avoid deficiency judgement Like 0 Dislike 0 We are upside down $135,000 in southern FL. Holding 2 mortgages. Wife and I have good jobs but would like to move to another state for better jobs. What's the best way to get out of this house without worrying about having lender come after us for a deficiency judgement?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Fri Apr 09, 2010 3:18 am    Post subject: Like 0 Dislike 0 You can apply for a deed in lieu of foreclosure with your lender in order to get rid of the property. If the lender accepts your request, you will not be liable for deficient balance for the first mortgage resulting from the sale of the property. As far as the second mortgage is concerned, you would be liable to pay it off. If you do not pay off the dues, the lender will have the rights to charge off the loan. You should also note that a deed in lieu of foreclosure will have negative affects on your credit score. It would get reduced by 250 points. _________________ Good is the Enemy of Great.

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