Legal Question in Credit and Debt Law in Minnesota

Forclosure vs short sell vs Deed in Leu

What are the differences between them and is one better then the other regarding credit rating. Are we still responsible for the difference between what they make and the loan value if it is less?


Asked on 2/07/07, 5:18 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: Forclosure vs short sell vs Deed in Leu

This will depend on whether it is Foreclosure by action vs. Publication. Also, I would never recommend that a client issue a Deed in lieu of FCL without negotiating a favorable price (including discount for attys fees.)

I would want to review your entire situation before you make your decisive move.

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Answered on 2/07/07, 5:23 pm


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