Yubushra,

A deed in lieu of foreclosure is PERHAPS an option. That is what you were rreferring to in "handing the bank the keys". As you qualified in the loan mod (congradulations on that by the way...) you will again have to jump through similar hoops for the deed in lieu or even Short Sale.

Statistics show you can buy another home sooner if you maintain good credit and have sold your home through a Short Sale or have given it back, versus going through a foreclosure.

I am a very successful agent in the Short Sale arena and would be happy to assist you with a Short Sale if you decide to go that route.

Thank you and I wish you well!

Scott Thiel,
REALTOR
lic.00987674
530-701-6674

I think Bryce hit the nail on the head! I too am sorry to hear about your series of misfortunate events.

Time is of the essence for you! The sooner you contact your lender the better. Be aware of the consequences of all the options presented to you by your lender. If Short sale what is presented to you by the lender, we always recommend you consult with a tax advisor and a lawyer so you are aware of any tax or legal ramifications associated with doing a short sale. Also be sure you pick a agent who is experienced in the Short Sale process.

Good Luck to you!

I am very sorry to hear about your troubles. The very first thing you should do is contact your lender directly and let them know your situation. Please keep in mind what the implications are of going into foreclosure or having a short sale done on your home. This will affect your credit tremendously and could create more financial stress for you in the future with higher rates on credit cards and car loans.

If you have a real estate agent you work with I would also consult with them to get take on what your market is doing and get a game plan together the best fits your short and long term needs.