Deed in lieu of foreclosure...help...

[jorswift]

I live in Indiana and have a home in Indiana as well. I had to relocate due to job loss and finding a new one in a nother city. We moved the family and put the home up for sale. The home has been vacant and for sale now for over a year. My wife lost her job and we are expecting any day now. We are now 3 months behind on our mortgage with BoA. We have tried a short sale, but the buyer backout and we have had no intrest for over a year. I cannot afford to travel any more back and forth and keep utilities on the home. I also, cannot afford to pay the mortgage on the home as well. I have been talking to Bank of America on my options. They said I can foreclose, try a loan mod., short sale, or deed in lieu. I would just like to wash my hands on this property and be done with it. How would a Deed in lieu work in Indiana? Is it a good choice? I am 25 yrs old and have had perfect credit till now. Please advice. We do not have the money to hire an attorney for any legal matters. Thank you.

[FlyingRon]

If the bank will accept a deed in lieu that is an excellent option. It gets you out quickly with little further side-effects. It certainly won't be worse on your credit than a foreclosure, but you're already getting trashed pretty badly.