Posted on: 09th Feb, 2009 06:04 am
I live in Florida and I am several months behind on my mortgage. I received paper work from my mortgage company asking for an explanation of the situation but have not been to court or anything further. I am trying to decide to let the foreclosure to keep going or calling them about a deed in lieu. Do you know the penalties involved with each of them?
Hi krivas,
Welcome to our forums.
There are no penalty as such. Both foreclosure and deed in lieu affect your credit in similar ways. I mean the dropdown in credit scores is almost around 250 points in each case. However, if you go for deed in lieu foreclosure, you can avoid paying the deficiency, if any.
Good luck
Welcome to our forums.
There are no penalty as such. Both foreclosure and deed in lieu affect your credit in similar ways. I mean the dropdown in credit scores is almost around 250 points in each case. However, if you go for deed in lieu foreclosure, you can avoid paying the deficiency, if any.
Good luck