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 yz250f_22
Joined: 03 Nov 2009
Posts: 1
1.28 Dollars($)
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 Posted: Tue Nov 03, 2009 11:28 am Post subject: deed in lieu vs short sale 2nd home |
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| home in fl note 191,000 worth 100,000-130,000,live in ca.Home was bought for brother-inlaw (market dropped )now he's out, not on note ,won't split the cost to rent out leaving me with the hit. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Wed Nov 04, 2009 2:51 am Post subject: |
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Hi yz,
Are you on the mortgage note? If you are, you are fully responsible for the loan. If you do not pay off the loan, the lender will start foreclosure process on the property. Both short sale and deed in lieu will help you avoid foreclosure on your credit. In terms of the negative impact on the credit scores, short sale is better than a deed in lieu. However, the deficiency from the short sale will have to be paid off. On the other hand, the deficiency is forgiven in most of the case, if you opt for deed in lieu. But the hit on the credit will be almost same as that of foreclosure. |
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yz
Guest
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| Posted: Thu Nov 05, 2009 7:17 pm Post subject: deed in lieu vs. short sale |
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| that's what I thought ,chapter13 is safest way to stop the bank from liening ca. house & wages what mess. thanks, no good deed goes unpunished,thanks family!!!! |
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