Ability to Purchase a home in the future

I am considering a deed in lieu because I simply do not earn enough to maintain the home and my mortgage. My house has been on the market for several months with no showings. Is it possible to opt for a deed in lieu and when my financial situation improve to purchase a more affordable home in the future?

Niicss · Posted: Tue Nov 03, 2009 1:52 am Post subject:

You can definitely opt for a deed in lieu of foreclosure. You can write a hardship letter to the lender and inform him about your financial problems. You will not be able to get a mortgage for the next 3-4 years. You can try to rebuild your credit and then start applying for loans.

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