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foreclosure vs short sale

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snoddy1953 Joined: 21 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Mon Jun 21, 2010 12:44 pm    Post subject: foreclosure vs short sale Like 0 Dislike 0 I have a 4 unit bldg - income property, due to lack of tenants I've depleted most of my savings to make mortgage pymts. Should I go thru foreclosure, short sale, or dead-inlieu of . I owe $382K and would be willing to have someone take up the notes if possible. Carol
smithsussane Joined: 18 Sep 2008 Posts: 10045 Location: Alaska 921.83 Dollars($)	Posted: Mon Jun 21, 2010 8:28 pm    Post subject: Like 0 Dislike 0 Hi snoddy! Welcome to forums! You can apply for a deed in lieu of foreclosure with your lender as you're unable to pay off the mortgage dues. However, lenders generally accept the deed in lieu of foreclosure when you are already delinquent on your mortgage payments. If your request gets accepted, then you will not only be able to get rid of the property but you won't be liable for the deficient balance even. Feel free to ask if you've further queries. Sussane

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