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I dont know what to do, I am confused about my options

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podell62 Joined: 04 Jun 2009 Posts: 1 1.00 Dollars($)	Posted: Thu Jun 04, 2009 3:51 pm    Post subject: I dont know what to do, I am confused about my options Like 0 Dislike 0 I have 2 mortgages and can't make ends meet and am falling behind by the minute. My house is for sale but isn't selling as it needs a well and some repairs. I dont know what way to go, Deed in Lieu, Foreclosure, I am overwhelmed with these options and I'm stuck.
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu Jun 04, 2009 8:09 pm    Post subject: Like 0 Dislike 0 Hi podell! Welcome to forums! If you want to get rid of the property, then deed in lieu is the best option for you. If the lender accepts the deed in lieu option, you will be able to sell off the property and you'll also not be responsible for the deficient amount. However, a deed in lieu will lower your credit score by 250 points and it will stay in your credit report for the next 7 years. Feel free to ask if you have further queries. Sussane

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