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gqunicy · Joined: 12 Nov 2009 Posts: 2 1.26 Dollars($)

I have been laid off from work, and can not keep my home. I am trying to choose which is better A deed-in-lieu or short sale so my credit would be in such of a wreck if I choose to be a homeowner again when the job market does better what is the best choice.

jameshogg · Posted: Thu Nov 12, 2009 7:43 pm Post subject:

Hi gqunicy,

A short sale will affect your credit score less than a deed in lieu. In a deed in lieu of foreclosure, your credit would get lowered by 250 points but you won't be liable for paying off the deficient amount. In a short sale, your credit score would get lowered by 75-100 points but you will be responsible to pay off the balance amount. Moreover, be it a deed in lieu or a short sale, you will have to wait for 2-3 years in order to qualify for a mortgage. During this period of time you can work on rebuilding your credit.

Check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

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