I do not have any mony to save them, i am trying to save my credit from getting any worst than it already is.
2006-11-08 00:51:18 · 4 answers · asked by unclemuscle 1 in Business & Finance ➔ Credit
=foreclosure sales are a hot item. I would try to sell. Find a good RE company and list with them ASAP. You may be able to save your credit rating and get a little cash as well.
2006-11-11 15:19:15 · answer #1 · answered by sunshinysusan 7 · 4⤊ 0⤋
Handing over the deed in lieu of foreclosure is a pre-forclosure measure you should have exercised earlier on. In this stage in the game, it might be too late but you can always try and bring it up with the lender.
Another pre-foreclusure measure is negotiating a short sale with the lender i.e. the properties are listed for sale and ALL of the proceeds of the sale go to the lender as full and final settlement of your debt. The lender might be more open to this course of action than a deed in lieu........ better see what you can work out with them because a foreclosure on your credit history is a death nail.
2006-11-08 10:37:59 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
Give them back, as in, just hand the title over to the bank? Maybe, but it won't effect how bad your credit rating is going to be shot down.
Have you thought about renting them out? You would have to find out what state laws there are, but you could turn around and use the money to pay the payments.
Or, try selling them fast. You might not come out ahead, but it's better than what it will look like on your credit report.
2006-11-08 08:58:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You would need to sell them.
2006-11-08 09:12:13 · answer #4 · answered by Blackjack 2 · 0⤊ 0⤋