Compare Mortgage Quotes

Guest

What are the pro's and con of one vs. the other? Have heard several conflicting opinions.
Thanks

jameshogg · Posted: Tue Sep 08, 2009 9:37 pm Post subject:

Hi Lou,

Short sale and deed in lieu are options to avoid foreclosure. In a short sale, you will have to sell off the property at a lower price. You will have to pay the deficient mortgage amount resulting from the sale of the property to the lender. If you do not do so, the lender would charge off the loan to a collection agency who will in turn collect the dues from you. A short sale will lower your credit score by 80-100 points. To know more about how a short sale affects credit score, check out the following link:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html

In a deed in lieu of foreclosure, you will have to surrender the property to the lender. The lender will sell off the property and you will not be responsible for the deficient amount resulting from the sale of the property. However, it would lower your credit score by 250 points.

Thanks

Niicss · Posted: Wed Sep 09, 2009 3:03 am Post subject:

You can also check out a similar discussion on credit effects of deed in lieu and short sale from the given page:
http://www.mortgagefit.com/credit/shortsale-dil.html

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Short Sale vs Deed In Lieu