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just61me · Joined: 09 Nov 2009 Posts: 1 1.27 Dollars($)

If the buyer does not want to do a deed in lieu of foreclosure what other options can the buyer take. I purchased property that I can no longer afford also
Can this type of of transaction hurt our credit since we ar e not going through a mortgage company?

savior70 · Posted: Wed Nov 11, 2009 6:07 am Post subject:

Hi,

A deed in lieu (DIL) is a good loss mitigation option. If you do not want to do a deed in lieu, you can go check out the option to short sell the property. List the property in the market and see if you can find a buyer. The effect of short sale on your credit is less than that of a deed in lieu. But in short sale you will have to pay off the deficiency, while you can negotiate to get the deficiency cancelled in a DIL. In case, you intend to keep the house, talk to your lender to find out if qualify for a loan modification.

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