We have tried to sell our house and cant even get out of it at all. The market sucks and we just cant afford the payment anymore. Does anyone know what affects your credit less? A deed in lieu of forclosure? A forclosure? Im just wondering if either one looks better on your credit report or if it doesnt matter.
2006-09-19 10:22:05 · 4 answers · asked by jessica52882 1 in Business & Finance ➔ Renting & Real Estate
Talk to the lender and see if they will agree in writing to not report in exchange for the deed in Lieu. By agreeing to the deed you are saving them potentially thousands of dollars in foreclosure expenses and it is to their advantage to work with you.
2006-09-19 11:13:44 · answer #1 · answered by Jim R 5 · 0⤊ 0⤋
out of the two choices you stated, the deed in lieu of foreclosure is your best bet. However, you should sell your home and I find lenders are asking people to short sale the property first.
If you're in Southern California, I can help you out. I can look into your particular situation and find the best solution. I have helped other people and I can help you.
Regards
2006-09-20 14:11:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do a "Deed In Lieu" it doesn't look as bad on your credit.
2006-09-19 11:10:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
they are all undesirable on your credit, and the mortgage company would not "desire" any of your 3 ideas because all of them equivalent a loss for the investor. as far as a short sale is in touch, the mortgage company received't even evaluate it if the borrower present day on their funds. maximum likely in addition they're going to no longer settle for a deed in lieu for this reason both.
2016-11-28 02:32:19 · answer #4 · answered by ? 3 · 0⤊ 0⤋