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two mortgages: would deed in lieu on 1st mortgage affect 2nd mortgage?

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Guest	Posted: Wed Jun 29, 2011 3:09 pm    Post subject: two mortgages: would deed in lieu on 1st mortgage affect 2nd Like 0 Dislike 0 I have a new mortgage (about 2 years ago) and still can't sell my old house which is in the same state but in a different location. During this time I have been able to rent to some family but they will be moving soon and thus back on the market which was not successful the first time. Would a deed in lieu hurt my current mortgage? What is the best scenario financially and credit wise to me...to sell for what I can and woudl the bank agree to a loan forget the remaining balance? or should I even go for that? just drop it and do the deed in lieu. Thanks!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jun 29, 2011 10:11 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! A deed in lieu of foreclosure won't hurt your present mortgage. However, it will lower your credit scores by around 250 points. If you go for a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. Feel free to ask if you've further queries. Sussane

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