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Posted: Mon Nov 16, 2009 6:20 am Post subject: Forclosure vs Deed in lieu of

In a FHA insured loan, which would be the best way to go? Wait for the Mortgage co. to foreclose while you still live in the home for a year or so, or go ahead right away with a Deed in lieu of foreclosure? Are your responsible costs higher eaiter way, and are the credit hits worse?

savior70 · Posted: Mon Nov 16, 2009 6:34 am Post subject:

Hi,

Foreclosure should be seen as your last resort. It'll not be wise to wait and let the property be foreclosed by the lender. A deed in lieu is a better option than a foreclosure. If the property is foreclosed, the foreclosure will affect your credit and your chances of qualifying for a new loan. A deed in lieu does affect your credit negatively, but it helps you avoid foreclosure, which makes a difference when you apply for a new mortgage. I'd personally choose to go for deed in lieu rather than a foreclosure.

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Forclosure vs Deed in lieu of