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my lender offering me a deed-in-lieu of foreclosure. how much time it will take to complete this process ?

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nairjpin Joined: 04 Jun 2011 Posts: 1 1.28 Dollars($)	Posted: Sat Jun 04, 2011 3:29 pm    Post subject: my lender offering me a deed-in-lieu of foreclosure. how muc Like 0 Dislike 0 my lender is offering for a opportunity to qualify for a Short Sale or Deed-in-liue of foreclosure. I dont know what to choose !! How much time will it take if I opted for Deed-in-liue of foreclosure procedure ?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sun Jun 05, 2011 6:44 pm    Post subject: Like 0 Dislike 0 The deed-in-lieu is probably the shorter of the two alternatives. After all, in a short sale, you need to find a buyer; the buyer needs to find a lender and qualify for a mortgage, have the appraisal done, avoid getting cold feet and actually have a closing for the purchase. Of course, you save your credit, presumably, by selling the home and avoiding the negativity of a deed-in-lieu. That, of course, would be predicated upon your continuing to make regular payments on the loan until the home would be sold. Either of the alternatives is better than an outright foreclosure, which you undoubtedly already recognize to be the case, anyway. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 05, 2011 9:03 pm    Post subject: Like 0 Dislike 0 Hi nairjpin! Welcome to forums! If you go for short sale, you will be liable for paying the deficient balance resulting from the sale of the property and will lower your credit scores by 75-100 points. However, in case of a deed in lieu of foreclosure, the deficient balance will be forgiven by the lender but your credit scores will get reduced by 250 points. In my opinion, it is a better option to go for deed in lieu of foreclosure as you won't be liable for the deficient balance. Feel free to ask if you've further queries. Sussane

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