I was just reading some other foreclosure blogs and websites out on the www and was struck by one blog that gave home owners the advice to do a deed in lieu (also known as a friendly foreclosure) with their lender instead of a short sale. I would have to disagree. If you are going to loose your house, don't just go down quietly! Whether you do a deed in lieu or have your home foreclosed on, I hate to break it to people, but the resulting damage to your credit will be the same. You will have a FORECLOSURE on your credit report, and every time you try to apply for a loan you will have to check that box that says "yes" next to the question "Have you ever been foreclosed on?" You are also saving the bank the time and expense of having to go through the legal steps they must take to foreclose on your home. In a deed in lieu situation, you fore go all of your legal rights and just hand the bank your home. They other thing that is happening now is that banks do not want your home, they want MONEY! They are so over loaded with unwanted homes that they will not even take a deed in lieu, they would rather you attempt to sell the home. If you attempt a short sale, and are successful, you may be able to save yourself from the foreclosure on your record. You will still have the late payments, but not the foreclosure, so really if you are going to lose the home anyway why not go down fighting for your rights?
If you have questions or would like more info please comment here or send me a fast response form on my website http://www.easyhouseinfo.com/
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