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Foreclose, Deed in Lieu, Short Sale |
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I am several months behind on my both my 1st & 2nd mortage...would it be better to foreclose, short sale or DIL? Which will be worst on my credit? |
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A foreclosure is much the worst on your credit record. If the bank is willing to take the property and forgive the rest of the debt, that's better -- a deed in lieu of foreclosure. YOu'd be lucky if they agreed to do that. Or if they agreed to accept whatever you could get for the place on the open market, a short sale, that's a good deal too. But again, they may not offer to do that. So it may not be your choice. |
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Originally published on July 15, 2008 |
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