Legal Question in Real Estate Law in Texas

Deed-In-Lieu Of Forclosure Versus Forclosure

Please, I need a help. What is the impact of both on my credit? I own a real estate I can no longer afford. I tried selling & never recieved any offer. So short sale is out of the question. I am considering either Deed-In-Lieu Of Forclosure or Forclosure. Which is better for me?


Asked on 9/10/08, 2:42 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Deed-In-Lieu Of Forclosure Versus Forclosure

The lender will probably not accept a deed in lieu of foreclosure, but if they do, that is the way to go. However, don't give up on the short sale because lenders will take discounts if the property is sold at market rate. Stay in contact with the loss mitigation department and contact a broker who specializes in short sales to be sure you have explored all options. Good luck.

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Answered on 9/10/08, 12:23 pm


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