Posted on: 04th Feb, 2010 06:48 am
cliff, is deed in lieu of foreclosure a better approach than short sale if you want to just give up the property and get out of further obligation to pay the balance of the mortgage?
Hi Guest!
Welcome to forums!
Both deed in lieu and short sale have their own merits and demerits. In a short sale, your property would be sold off and you would be responsible for paying the balance amount to the lender. Your credit score would get reduced by 80-100 points. In case of deed in lieu, you won't be liable for paying the deficient amount to the lender. However, your credit score would be reduced by 250 points.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Both deed in lieu and short sale have their own merits and demerits. In a short sale, your property would be sold off and you would be responsible for paying the balance amount to the lender. Your credit score would get reduced by 80-100 points. In case of deed in lieu, you won't be liable for paying the deficient amount to the lender. However, your credit score would be reduced by 250 points.
Feel free to ask if you've further queries.
Sussane