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Is One Choice Better Than Another Regarding Foreclosure, Deed in Lieu of Foreclosure, or Short Sale?

Posted by Matthew T. Desrochers | Mar 21, 2017 | 0 Comments

Deed in lieu of foreclosure: one voluntarily gives their home to the lender in exchange for cancellation of their loan

Short Sale: where the lender allows the homeowner to sell their home for less than what is owned

Foreclosure: where the lender takes the home through a court proceeding

Is one choice better for your credit score than another?

No: All of the options come out to be about the same on your credit score because all of these events represent a loan default. Check out this chart showing how each of these items will affect credit scores at different credit levels.

However, lenders may look more favorably at a short sale than a foreclosure.

If you would like to learn more and/or receive assistance with foreclosure, Mortgage Audit, loan modificationbankruptcy or debt settlement, please contact us at (781) 315-4566.

About the Author

Matthew T. Desrochers

Mr. Desrochers is the managing attorney at the office that was founded in 1999.  Matthew helps homeowners avoid foreclosure and get out of debt.  This work consist of Loan Modification, Short Sales, Chapter 13 and Chapter 7 bankrcupty cases, including mortgage settlement and IRS Offers in Comprom...

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