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waynesmithphotography · Joined: 03 Feb 2010 Posts: 1 1.29 Dollars($)

I live in florida where nothing is moving in realestate. MY company is moving me to atlanta ga. my house is worth more than what I owe. I am unable to make the house payment and rent payment with just one income is deed in lieu a viably option?

jameshogg · Posted: Wed Feb 03, 2010 8:30 pm Post subject:

Hi waynesmithphotography,

As you are facing hardship in paying off the mortgage, applying for deed in lieu would be a good option for you. However, it would be your lender's discretion whether or not he would accept your request. You should also note that a deed in lieu of foreclosure would reduce your credit score by 250 points. Also, it would remain as a negative item on your credit report for next 7 years.

Thanks

bg0427 · Posted: Wed Feb 03, 2010 9:55 pm Post subject:

I always think you should attempt a short sale first. I am in florida as well and there are plenty of investors in this state that are looking to buy short sales I work with a lot of them my self. A short sale can be an extremly cheap process and if you get the right people working on it for you there won't be any work for you to do. Also you can avoid having a foreclosure on your credit.

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