Posted on: 07th Aug, 2009 12:35 pm
IN A DEED OF LIEU DO I MOVE OUT AND TAKE MY STUFF WITH ME ,AND A FORCLOSURE DO I GET MY STUFF OR DO THEY GET IT?
Hi JGRIFFITH,
Whether you go for a deed in lieu or a foreclosure, you will be allowed to take your personal stuffs with you. In case of a deed in lieu, you will have to leave the property when you transfer the property to the lender. In case of a foreclosure, the lender would give you a 3 day notice period to leave the property.
Whether you go for a deed in lieu or a foreclosure, you will be allowed to take your personal stuffs with you. In case of a deed in lieu, you will have to leave the property when you transfer the property to the lender. In case of a foreclosure, the lender would give you a 3 day notice period to leave the property.
WHAT WOULD B BETTER ON YOU BANRUPCY OR FORECLOSURE?
ALSO WILL THEY DO A DEED IN LIEU IF YOU R LATE ON UR PAYMENTS AND BEHIND?
hi jgriffith!
welcome to forums!
both bankruptcy and foreclosure have negative effects on your credit score. a bankruptcy will lower your credit score by 200-250 points and would remain in your credit report for 8-10 years. a foreclosure will remain on your credit report for 7 years and would lower your credit score by around 250 points. moreover, if you go for a foreclosure, you would be liable to pay the deficient amount resulting from the sale of the property.
one of the ways to avoid foreclosure is deed in lieu. you will be able to apply for a deed in lieu of foreclosure if you are delinquent on your mortgage payments.
feel free to ask if you've further queries.
sussane
welcome to forums!
both bankruptcy and foreclosure have negative effects on your credit score. a bankruptcy will lower your credit score by 200-250 points and would remain in your credit report for 8-10 years. a foreclosure will remain on your credit report for 7 years and would lower your credit score by around 250 points. moreover, if you go for a foreclosure, you would be liable to pay the deficient amount resulting from the sale of the property.
one of the ways to avoid foreclosure is deed in lieu. you will be able to apply for a deed in lieu of foreclosure if you are delinquent on your mortgage payments.
feel free to ask if you've further queries.
sussane
IF MY CREDIT SCORE IS ALREADY ROUND 490 WOULD EITHER ONE OF THESE OPTIONS REALLY MAKE A DIFFERENCE,ME AND MY WIFE BOTH TOOK 10 TO 15 % PAY CUTS LAST WEEK AND WE DONT REALLY KNOW WHAT TO DO AT THIS POINT
Hi JGRIFFITH,
Both foreclosure and deed in lieu will affect your credit score and lower it by 200-250 points. But if you go for a deed in lieu of foreclosure, you will not be liable for the balance amount resulting from the sale of the property. So, if you want to save your property and are not concerned about your credit score, then deed in lieu can be a good option for you.
Thanks
Both foreclosure and deed in lieu will affect your credit score and lower it by 200-250 points. But if you go for a deed in lieu of foreclosure, you will not be liable for the balance amount resulting from the sale of the property. So, if you want to save your property and are not concerned about your credit score, then deed in lieu can be a good option for you.
Thanks
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