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Pat
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0.10 Dollars($)
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 Posted: Wed Mar 28, 2007 1:39 pm Post subject: Which is quickest – short sale or deed in lieu? |
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I am in a situation where I can no longer afford my property. I am wanting to consider all options while I still have time. Mortgage payments are currently behind, no foreclosure notices yet.
What is the best quickest option; a Short Sale or Deed in Leiu?
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 carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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| Posted: Wed Mar 28, 2007 1:57 pm Post subject: |
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Hi Pat,
I think you should first consider approaching your lender to know if any loss mitigation option will be possible or not. If possible your loan could be modified or a different payment plan can be established.
If lender does not agree to such a plan or is not responding to you then take help of a foreclosure prevention counseling agency. They will try to negotiate with your lender on how a plan can be developed to bring your loan current. If you tell me which state you are in then I can give you name of some such agencies.
After all options fail you should look for a deed in lieu or short sale. It will depend on lender whether he agrees to a short sale or accepts property through deed in lieu of foreclosure.
Also go through this following page on loss mitigation options which you should discuss with your lender: http://www.mortgagefit.com/loss-mitigation.html
David |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Wed Mar 28, 2007 3:04 pm Post subject: |
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| Quote: | | I am wanting to consider all options while I still have time. Mortgage payments are currently behind, no foreclosure notices yet. |
Yes, before giving up the property you should explore all available options. Believe me lender is also not too interested in foreclosing as long as there is a possibility that you can continue making timely payments in future. |
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Laresca
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0.10 Dollars($)
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| Posted: Wed Apr 11, 2007 4:52 pm Post subject: |
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Pat,
Short sale as well as dil both will have negative affect on your score (though not as bad as a foreclosure would have), so try to avoid them as long as it can be possible.
Also lender might not agree to take over the house by way of deed in lieu of foreclosure if the market is not good and it would be difficult for him to sell the house.
Try to find out if a loss mitigation plan could be possible as others have mentioned that will be much better than both short sale as well as dil. |
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