my mortgage company mention these two things but I cannot understand what will be better for me, now and in future. by the way, no way out.
2007-07-09 12:22:12 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Short sale, since you will actually have to pay back to the bank the difference in the form of debt. They will get their money this way...but a deed in lieu of forclosure, they don't.
2007-07-09 12:55:11 · answer #1 · answered by Robert R 3 · 0⤊ 0⤋
The only thing that's going to show on your credit is "Foreclosure".
I'm a mortgage underwriter (have been for 10 years)
I've never seen "Deed in lieu" or "Short sale" on a persons credit.
2007-07-09 12:28:47 · answer #2 · answered by Trapped 5 · 0⤊ 0⤋
Depends upon what you can negotiate with them. They'll be jockeying to minimize their losses and you will be jockeying to minimize your exposure to a default judgment and a credit report hit.
Whatever you work out, try to get them to agree to list the account as "Paid as Agreed" with the credit reporting agencies if at all possible. If their losses are minimal they may be willing to do that in exchange for your cooperation.
2007-07-09 12:27:19 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋