Would getting a Deed in Lieu of Foreclosure be better than a Short Sale?
Hi this is Kerri from the Bay Area Short Sale Angels Team. We have had a few clients of late ask about deed in lieu of foreclosure. There banks have recommended this as a better option than a short sale or normal foreclosure. But in actuality a deed in lieu of foreclosure is essentially the same as giving up and handing over the keys to your home. This is a way for banks to lower the costs they face when handling the paperwork and time related with short sales and foreclosures. A deed in lieu has the same affect on your credit as a normal foreclosure which is why we suggest giving a short sale a try to make life easier for yourself. Most homeowners in the situation of having distressed property are truly in a hardship and do not deserve to have there credit damaged because of this. A deed in lieu…