Short Sale vs Foreclosure
If I do a deed in lieu rather than a short sale will my second home (which was left to me by my brother two years ago as an inheritance) be subjected to a lien by the lender? Or is bankruptcy an option? by irleyvez345 from Faulkner, Maryland. Jan 18th 2018
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Much more info needed to answer your question..Specifically, when you inherited the home, did you transfer the deed AND the mortgage into your name? current laws don't require you to qualify for a mortgage on a home you inherited.. but if you refinance or took out a mortgage since you inherited it.. then that loan most definitely would be in your name.. but to answer your question, in most every scenario.. doing a short sale is a better, more responsible option. a deed in lieu is reported the same as a foreclosure.. and a BK will also affect your credit.. but a short sale shouldn't even show on your credit unless you had the mortgage transferred into your name. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893
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