| It's when you offer the deed to the lender in-lieu of them having to sue you to foreclose on your property. There's really not much more of a benefit to you in terms of your credit rating. It will have the same negative consequences.
The benefit comes in with regard to liability. If the lender agrees, you should make sure you're getting a full release of liability so they can't sue you for a deficiency judgement.
Another suggestion would be to try and rent the property if you can cover the mortgage payment. Hold onto it until the market picks up then sell.
Or market the home for sale contract for deed. You might get lucky and find someone who's got a big enough down payment but can't get finacning elsewhere.
What are the total liens (mortgages) on the home?
What is the value? | 
10-06-2005, 11:31 PM
Linear Mode
