The difference between a short sale and a deed-in-lieu of foreclosure transaction is determined by who is responsible for selling the property. In a short sale, the seller is be responsible for selling the house. A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
In the deed-in-lieu of foreclosure transaction, you surrender ownership of your property to the lender (with the lender's written consent) and the lender then assumes full responsibility for selling the house. Similar to a short sale, the lender will may agree to forgive the remainder of your loan.A deed-in-lieu of foreclosure also might help your chances of getting another mortgage loan in the future, and it will definitely help avoid the lengthy legal process of foreclosure. Although it has a negative impact on your credit rating, deed-in-lieu of foreclosure is probably less harmful than a foreclosureThe difference between a short sale and a deed-in-lieu of foreclosure transaction is determined by who is responsible for selling the property. In a short sale, the seller is be responsible for selling the house. After a short sale has been completed, you should be able to purchase a house in 2 years with 20% down. Once the short sale is completed take steps to rebuild your credit.
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
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