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if i do a deed in lieu of foreclosure will another lender fu

Posted on: 06th Jan, 2009 05:41 am
if i do a deed in lieu of foreclosure will another lender fuinance me later...i lost my job cant afford current mortgage. my husband makes good income and has job security. will another lender approve us for a new mortgage the house is selling for 49500 valued at 1230000! if we do a deed in lieu of foreclosure on the first?
Welcome mikemitzi,

If you go for a deed in lieu, you will not be able to save the property. The lender will sell off the property and try to recover the debts. If you are the only person on the mortgage note, then your credit will be affected by this deed in lieu. However, if your husband has a stable income and good credit score, then he can try buying a new property with a mortgage in his name.
Posted on: 07th Jan, 2009 12:28 am
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