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Deed in Lieu of Foreclosure |
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We've little equity in our home. Due to illness with high medical costs we find we're unable to make our mortgage payments. We will miss this month's (May) and will continue to be unable to make them. The market is such that we'll not sell for what we paid a couple years ago or, with broker fees, etc., even what we owe. Our bank has offered us Deed in Lieu of Foreclosure. Is this a good offer considering our situation? We feel our only other option is to let it go into pre-forclosure and then foreclosure. A realator we've talked with has said this is a good offer considering our situation and to grab it. A lawyer who is a friend has said it's also not a bad offer but has of course told us about the credit hit we'll take. His suggestion was to make SURE we annotate our credit reports with WHY this has happened (medical bills). What do YOU think?? |
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Your credit may take a hit with a deed in lieu of foreclosure, but it'd take a much worse hit if you let the thing actually go to foreclosure. You're lucky the lender has agreed to take the property and forget the rest of the debt. Go for it by all means. |
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Edith
Originally published on May 4, 2008 |
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