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Deed in Lieu |
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My wife and I commute to far to work, to stay in our house. We unfortunately recieved bad advice when we bought the house, while the market was hot, and did not get a home inspection. We ended up paying for that mistake and had to sink alot of money into fixing unseen structural damage. Since we took care of that problem alot of other things fell into disrepair, now we can't afford to fix them with our commute. We have the house on the market for a short sale. In the past 8 mos. we had just one offer. Now the bank has just denied the sale because the appraisal was alot higher then the offer. We cannot allow the house to fall into foreclosure or we will lose our jobs. The bank said we could do a deed in lieu of but we're not sure how this would effect us or what in tales. Does it show up on your credit and could we still get another mortgage? |
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With a deed in lieu the bank agrees to take the property and cancel the loan. You're lucky to have it. I'm not sure, but I think it won't look any worse on your credit record than a short sale would. It'll certainly look better than a foreclosure. |
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Edith
Originally published on June 17, 2008 |
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