Posted on: 26th Sep, 2010 01:58 pm
I am unemployed and I am running out of money. I can't continue making mortgage payments plus my regular bills. Which is the best way to go an why?
welcome cisco,
as you're unemployed, it's better for you to apply for a deed in lieu of foreclosure rather than a short sale. in a deed in lieu of foreclosure, you won't be liable for paying the balance dues resulting from the sale of the property. in case of short sale, you will be liable for paying the balance dues resulting from the sale of the property. however, your credit scores will be badly affected in a deed in lieu of foreclosure. it'll be lowered by 250 points.
as you're unemployed, it's better for you to apply for a deed in lieu of foreclosure rather than a short sale. in a deed in lieu of foreclosure, you won't be liable for paying the balance dues resulting from the sale of the property. in case of short sale, you will be liable for paying the balance dues resulting from the sale of the property. however, your credit scores will be badly affected in a deed in lieu of foreclosure. it'll be lowered by 250 points.