Posted on: 05th May, 2012 01:34 pm
My unemployment ran out in Feb and only income is my husband.
He doesn't make enough to pay mortgage and property tax. Should we do a short sale or deed in lieu? The mortgage debt is more that the value of the home. We have decided we do not want to keep the home since taxes are too high and don't want to rent out. I understand if we do deed in lieu that the lender cannot come
after us later for deficiency judgement or balance left from short sale?
He doesn't make enough to pay mortgage and property tax. Should we do a short sale or deed in lieu? The mortgage debt is more that the value of the home. We have decided we do not want to keep the home since taxes are too high and don't want to rent out. I understand if we do deed in lieu that the lender cannot come
after us later for deficiency judgement or balance left from short sale?
welcome supernursejanice,
it is true that the lender won't come after you for the deficient balance resulting from the sale of the property in case of a deed in lieu of foreclosure. in case of short sale, the lender will pursue you for the balance amount. a deed in lieu of foreclosure, thus, is a good option for you. however, it will reduce your credit score by 250 points.
it is true that the lender won't come after you for the deficient balance resulting from the sale of the property in case of a deed in lieu of foreclosure. in case of short sale, the lender will pursue you for the balance amount. a deed in lieu of foreclosure, thus, is a good option for you. however, it will reduce your credit score by 250 points.
Hi supernursejanice!
Welcome to forums!
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
If you want to know about short sale, you can check out: http://www.mortgagefit.com/discuss/shortsale-crediteffect.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
If you want to know about short sale, you can check out: http://www.mortgagefit.com/discuss/shortsale-crediteffect.html .
Feel free to ask if you've further queries.
Sussane
Thanks franko, for your opinion!! :)