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rjm0598 · Joined: 02 Jun 2009 Posts: 1 1.35 Dollars($)

Hi, we have a primary residence, we have been here for more than 2 years. We have a 2nd mortgage on it also.

We are current and able to make the mortgage payments on time, however, with the substantial negative equity in the home we have decided to take a huge hit on our credit rating and just walk away if we can.

Question: We are considering deed in lieu of foreclosure, would this be the best way to facilitate getting out of the home ASAP with only a credit hit and a negotiated contract between us and the lender for repayment on our 2nd?

Thank you

SSPINGARN · Posted: Tue Jun 02, 2009 9:38 am Post subject:

TRY TO DO A SHORT SALE WITH THE LENDER AND SELL IT

adonis · Posted: Wed Jun 03, 2009 1:06 am Post subject:

Hi rjm,

In my opinion, deed in lieu will be a good option for you. Though it will lower your credit by 250 points, you won't be liable for the deficient amount. As far as the second loan is concerned, you can speak to your lender and check out if he can give you an alternative payment plan.

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We just want out - what is the best way to proceed?