Posted on: 30th Mar, 2009 09:54 am
Correct me if I am wrong but it seems to me that the only 2 differences between a DIL and a SS is the bank sells it w/ DIL and I sell it with a SS. Is this why a SS is less harmful to your credit because the banks doesn't have to mess with it?
with a deed in lieu of foreclosure, you are actually turning the home over to the lender; subsequently, the lender will attempt to sell it.
with a short sale, you are the owner of record, and you're the seller, with the bank agreeing to take a payoff lower than your balance in order to consummate the sale.
your credit will suffer more from a deed in lieu, inasmuch as it is considered more of a default on a loan than the short sale alternative.
with a short sale, you are the owner of record, and you're the seller, with the bank agreeing to take a payoff lower than your balance in order to consummate the sale.
your credit will suffer more from a deed in lieu, inasmuch as it is considered more of a default on a loan than the short sale alternative.