Legal Question in Real Estate Law in Nevada

relinquishing house to mortgage company

How would this affect my credit verses bankruptcy verses foreclosure?


Asked on 5/28/09, 2:40 pm

2 Answers from Attorneys
James Smith James E. Smith Ltd.

Re: relinquishing house to mortgage company

If you plan on buying another house in the future bankruptcy is better than foreclosure.

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Answered on 5/28/09, 6:15 pm
Greta Muirhead

Re: relinquishing house to mortgage company

A foreclosure is where your mortgage company takes back its collateral (the house) through legal means.

Relinquishing the house may be different that a foreclosure. If your mortgage company is willing to accept a deed in lieu of foreclosure, that is better for you as is a short sale. In both these situations, the mortgage company is working with you, somewhat, as opposed to forcing someting on you.

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Answered on 5/29/09, 12:56 am


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