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Deed in lue

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anthonybell8 Joined: 21 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Apr 21, 2010 9:12 am    Post subject: Deed in lue Like 0 Dislike 0 My mortgage payment is out of control. We can't afford our home anymore. I haven't been late on my payment ever, but I am tired of all my money going into my house. What are my options? If I do a deed in lue, will I be able to purchase another house right away? Tony
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Apr 21, 2010 11:28 pm    Post subject: Like 0 Dislike 0 Hi anthonybell, You can go for a deed in lieu of foreclosure in order to get rid of the property. However, after a deed in lieu of foreclosure, you won't be able to get a mortgage immediately. You'll have to wait for 3-4 years in order to get a mortgage to buy a new property. _________________ Procrastination is the enemy of your financial success
Tony Bell Guest	Posted: Thu Apr 22, 2010 4:44 am    Post subject: Short sell Like 0 Dislike 0 If I do a short sell of my home, will I be able to buy another home right away? Tony
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Apr 22, 2010 11:30 pm    Post subject: Like 0 Dislike 0 Hi Tony! Welcome to forums! After a short sale, you won't be able to buy a property immediately. You'll have to wait for 2-3 years in order to get a loan. Feel free to ask if you've further queries. Sussane

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