Posted on: 26th Jun, 2007 06:37 pm
We are considering a DIL to get out of our property. We can't afford the payments due to other debt obligations and want to move to another city, closer to work. We want to rent an apartment in the other city. Will a DIL scare away an apartment complex from leasing to us?
Thanks.
Thanks.
A deed in lieu will affect your score and can certainly have a negative impact on your prospects of leasing an apartment. Are you not able to sell the house? That could prevent your score from going down.
Hi ndennison,
Why do you want to give up your property through a deed in lieu? Have a talk with your lender and ask him for an alternative re-payment plan. Please don't take such decision in a hurry as it concerns your home. And for the debt obligations, you may consult with some credit counseling agencies so that they can come up with a financial plan that will help you to pay off debts faster.
Hope you can come to a solution asap.
Why do you want to give up your property through a deed in lieu? Have a talk with your lender and ask him for an alternative re-payment plan. Please don't take such decision in a hurry as it concerns your home. And for the debt obligations, you may consult with some credit counseling agencies so that they can come up with a financial plan that will help you to pay off debts faster.
Hope you can come to a solution asap.
you considered renting this one out ndennison? then you can shift to another city and continue the mortgage and also be able to get lease without problems.
How much are the other debts. If you provide few more details then I can tell if consolidating them would be possible or not. A DIL can have a bad affect on your apartment leasing options. Try to continue the mortgage for some more time and see if the house can be sold in the meantime. Consolidation of other debts can help you afford the payments on your mortgage during this time period.
Miller
Miller