Deed in Lieu of
Foreclosure or West Sacramento Short Sale – which is better
for you? Good question and as always in this current environment the answer is
depends.
Let’s face it, it all
sounds so nice. I can’t make my payment so I will just turn over the keys to my
home and walk away free and clear. So let me ask you. Who does it benefit more?
You or the lender? Why the lender of course and why would that surprise you?
The Deed in Lieu is far less expensive for the lender than a foreclosure. What
the homeowner usually doesn’t understand is that the Deed in Lieu is still a
foreclosure or voluntary surrender as far as your credit report goes. The Deed
in Lieu is also only good if you have only a first mortgage and no other liens.
The qualifying for both Deed in Lieu and West Sacramento Short Sale are basically the
same but the length of time you can stay in the house without making a payment
is usually longer in a West Sacramento Short Sale.
In a properly conducted West Sacramento Short Sale, both the first and
second lien are satisfied, it is reported to the credit bureaus as “debt
settled for less than owed” and as long as you have taken care of the rest of
your credit you can purchase another home in as little as 2-3 years.
There are certain
circumstances where a Deed in Lieu makes sense for the homeowner but they are
far and few between
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
Is a West Sacramento Short Sale right for me?
To get a better idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me today and sleep better
tonight; you’ll be glad you did
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