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What is more feasable to do a deed in lieu or a short sale

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cisco1210 Joined: 26 Sep 2010 Posts: 3 1.43 Dollars($)	Posted: Sun Sep 26, 2010 1:58 pm    Post subject: What is more feasable to do a deed in lieu or a short sale Like 0 Dislike 0 I am unemployed and I am running out of money. I can't continue making mortgage payments plus my regular bills. Which is the best way to go an why?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Sep 26, 2010 8:23 pm    Post subject: Like 0 Dislike 0 Welcome cisco, As you're unemployed, it's better for you to apply for a deed in lieu of foreclosure rather than a short sale. In a deed in lieu of foreclosure, you won't be liable for paying the balance dues resulting from the sale of the property. In case of short sale, you will be liable for paying the balance dues resulting from the sale of the property. However, your credit scores will be badly affected in a deed in lieu of foreclosure. It'll be lowered by 250 points. _________________ Procrastination is the enemy of your financial success

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