Ask Experts Questions for FREE Help !
Ask
    sobracin's Avatar
    sobracin Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 17, 2009, 06:03 PM
    Short sale vs deed in lieu
    My husband and I must give up our home due to unemployment. A RE agent has been obtained to sell as a short sale.

    My financing institution called and asked if we would be interested in signing "deed in lieu " instead of going for a short sale.

    My question is which one would be better for our credit rating. Of course the financing company is telling me that both ways will show as a charge off on our credit report and carry the same negative terms.

    Is this true?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Mar 17, 2009, 06:45 PM

    Expect your credit to be basically shot, but remember the bank does not have to accept a short sale, they may refuse it if they wish.

    I would jump at the "in lieu" if I was in a possible foreclosure.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Deed in lieu of foreclosure and first and second? [ 2 Answers ]

We owe 150,000.00 more than our home is worth now. We are considering letting the mortgage company have the house back. Is there a way to contact the first and second mortgage holders and just give them the house back and they would not have to spend any money on the foreclosure process? We...

With yes or no for a deed in lieu .I still got to go [ 2 Answers ]

:eek: Got to move for a better job and income next month ,I could't sell the house in a short sale it was in the market for a 1yr and for a rent ,the paymnet is to high( $1700 ) the house value is 199k in the market now , I was brought it for 260k , and at this moment I can...

Deed and lieu or deed in lieu [ 2 Answers ]

If you are in trouble with your mortgage company, and will not be able to make your payment because your payment has went up by 578.00, you ask the company for help and they suggest short sale or deed and lieu. What does that mean and how do you procees at this point. Do you just turn over your...

Deed in Lieu of Foreclosure [ 1 Answers ]

I have a situation which to the best of my knowledge is quite a head spinner. There is a 1st Trust Deed on a property who has currently filed a Notice of Default. There is also a 2nd Trust Deed which was taken out 12 months ago. At the time of signing the paperwork for the 2nd Trust Deed the...

View more questions Search