Short Sale vs Deed In Lieu – What’s Your Fastest Way Out?
When it comes to foreclosure it is important know that you have options. Before adopting the attitude that foreclosure is inevitable, it’s important to evaluate whether or not your property qualifies for a short sale or a deed in lieu and you must be able to evaluate the differences between a short sale vs deed in lieu in order to make a decision. Your chances of a deed in lieu are smaller if you have a second mortgage on your home. Additionally, short sale and deed in lieu options will affect your credit differently.
What Should I Look Out For With A Short Sale vs Deed In Lieu?
If you want to consider a short sale or a deed in lieu as alternatives to foreclosure, you must thoroughly review the terms and conditions of these two options. My office is able to explain the short sale vs deed in lieu options with you in great detail. I want to make sure you understand how a deficiency balance can affect you. You will want to make sure your lender cannot go after you via a court-ordered judgment. These variables can ultimately affect your credit, employment and financial stability in the future.
I Heard About “Deed-For-Lease” … What’s That?
A deed for lease provides opportunities for borrowers who are ineligible for a mortgage or cannot find alternative loan solutions. It is important to always evaluate every loan opportunity presented to you by your lender if you do not qualify for a loan modification but would like to keep living in your home.
Your Denver Short Sale Specialist
Over the years, I have gained extensive knowledge and experience when it comes to alternative foreclosure options. Before deciding whether a short sale or a deed in lieu is a good alternative to foreclosure, you should seek the guidance of a specialist. I am here to help you through this process. Please contact me today.
Jeff Corporon, Brix Real Estate, LLC
1315 S Clayton Street, Ste #200, Denver, CO 80210
Cell: (303) 475-1276 | Fax: (303) 496-0534