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 aaguinaga2000
Joined: 24 Jul 2009
Posts: 1
1.00 Dollars($)
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 Posted: Fri Jul 24, 2009 5:36 pm Post subject: What is better, a short sale or a deed in lieu? |
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| What is better , a short sale or a deed in lieu? It is my second property.I don't have a 2nd mortgage like a line of credit on that house which is rented |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Fri Jul 24, 2009 7:57 pm Post subject: |
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Hi aaguinaga,
Both short sale and deed in lieu have their own advantages. If you want to save your credit, then the short sale is a better option for you. A short sale will reduce your credit score by 75-100 points whereas a deed in lieu will lower it by around 250 points.
However, you will be liable for the deficient amount resulting from the sale of the property after a short sale. But in case of a deed in lieu, the deficient amount resulting from the sale will be forgiven by the lender. The taxes on the unpaid amount can be forgiven depending upon your state laws.
Thanks |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Sat Jul 25, 2009 12:51 am Post subject: |
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lot more depends upon what are your next moves!!
If you want to take some loans in near future then it is advisable that you better go for short sell and save your credit score. if you do not care about your credit score then go for deed in lieu.
keep in touch.....
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cliveselley
Joined: 23 Jul 2009
Posts: 45
0.00 Dollars($)
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| Posted: Sat Jul 25, 2009 7:46 am Post subject: |
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| Deed in lieu requires less time as compare to Short Sale |
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