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Deed in Lieu, Foreclosure, or Bankruptcy?

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gfitzpatrick Joined: 07 Dec 2007 Posts: 1 1.33 Dollars($)	Posted: Fri Dec 07, 2007 4:03 pm    Post subject: Deed in Lieu, Foreclosure, or Bankruptcy? Like 0 Dislike 0 My home has been on market 15 months, 5 price reductions, no offers, my savings is depleted, credit cards maxed to help with cash flow to make mortgage payments and as of January, i have nothing left unless the house sells. My lender has refused a rate reduction to assist with cash flow, but offered a short sale. Advice from anyone knowledgeable about my options (in 20yr mtg history, never late, until this coming January)
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Fri Dec 07, 2007 4:13 pm    Post subject: Like 0 Dislike 0 Hello gfitzpatrick, Welcome to this forum. I appreciate that you have a talk with your lender regarding your problem on your mortgage payments. Your lender is right. Short Sale is better than Deed in Lieu, Foreclosure, or Bankruptcy. It has less negative affects than Deed in Lieu, Foreclosure, or Bankruptcy. So I will suggest you to go for Short Sale. Thanks, Larry
blue Joined: 21 Oct 2005 Posts: 1131 Location: MARYLAND 138.04 Dollars($)	Posted: Fri Dec 07, 2007 4:35 pm    Post subject: Like 0 Dislike 0 Hi gfitzpatrick, Welcome to Mortgagefit discussion board. You have said Quote: in 20yr mtg history, never late So you should have gained good equity now. So according to me, short sale is the best option available for you. It will have less negative effects on your credit report as Larry has rightly mentioned above. For DIL your credit score will be dropped more than 100 points; for foreclosure your credit score will be dropped more than 200 points and will be shown for 10 years on your credit report; and for BK you credit score will be dropped more than 300 points and will be for 7 years. So the decision is yours. Do let me know if you have any other questions. Thanks Blue _________________ Lets help each other. Try my blog

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