Posted on: 23rd Jul, 2009 11:05 am
My husband and I are facing foreclosure and have had our property on the market for 6 months with no offers. We have heard that a deed in lieu would be better than foreclosure. We have no liens on the property and do not owe more than the property is worth. Is this an option we should seriously consider? If so, what are the ramifications and possible costs to us?
If you don't owe more than it is worth, why is it not selling? You could try to get the bank to take less than you owe... this is called a "short sale"... do you have a realtor... if so they should be able to help... if your real estate agent doesn't want to... find another agent.