Mb Foreclosures
Anyone have success with a deed in lieu of foreclosure?
I am just interested in knowing if anyone has had success with a deed in lieu of foreclosure? I am waiting to hear from my lender on their decision on Monday 9/15.
If you have had success how did it affect your credit, how long did you have before you had to move out, and how did it affect your ability to purchase things with financing right after?
If you havent had success then what was your next step? My condo is stillon the market but there is minimal interest in the hsort sale.
thanks, MB
do they really make you leave within a week? That is kinda scary but i guess i can uderstand them wanting to move it ASAP if I am approved.
Some people are successful. Most aren’t. It’s usually not in the lender’s interest to accept a deed in lieu of foreclosure.
Even if you’re successful, it will adversely affect your credit. It’s comparable to a foreclosure, which isn’t good.
Other alternatives: Short sale or foreclosure. If there’s “minimal interest” in the short sale, drop the price further. Understand that regardless of the price, you’ll receive nothing from the short sale. So it’s really immaterial at what price you attempt to sell it. However, the lender then has to be persuaded that the short sale price is a reasonable price for the property in its current condition.
A short sale is preferable to a foreclosure. So keep pursuing that option.
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