I recently lost my job and my mortgage is three months behind. I have been trying to short sale the property and it has been on the market for almost a year. I have had two offers. The bank didn't accept the first one because offer was too low. On the second offer, the buyer pulled out because the short sale process was taking too long and he wanted to move right away. I don't know what to do. I am planning on moving out of state and would like to know if a deed in lieu would be the best option. I live in michigan and wanted to know if the mortgage company will file a judgement against me if I explore a deed in leiu and the bank accepts it.
Deed in lieu of foreclosure can be a good option to avoid foreclosure. If the lender accepts your deed in lieu of foreclosure, then you won't be liable for the deficient amount resulting from the sale of the property. He will forgive the dues. Depending upon your state laws, you won't have to pay taxes on the forgiven amount as well. _________________ Procrastination is the enemy of your financial success
adonis
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