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gchrome_42 · Joined: 12 Oct 2009 Posts: 1 1.26 Dollars($)

bank wants me to sign the deed basck over to them or let them foreclose, what are repercussions

eric1 · Posted: Mon Oct 12, 2009 7:12 am Post subject:

It sounds like signing the deed over to them would be best just as long as they do not submit any derrogatory info to the credit agencies.

savior70 · Posted: Tue Oct 13, 2009 4:54 am Post subject:

To gchrome,

The process through which you sign over the property to your lender is known as deed in lieu of foreclosure. It affects your credit almost as much as a normal foreclosure does. But as Eric suggested, the difference is that, in a deed in lieu you can negotiate with the lender and ask them to not give any derogatory information to the credit bureaus. It is also very likely that the lender will not come after you for the deficiency if you sign over the house to them. Unlike deed in lieu, in a foreclosure the lender quite often comes after the borrower to recover the deficient amount.

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differnce in signing over deed to mortgage company or foreclosure