Property Q&A in Revere>Question Details

merima   zeh…, Renter in Nashua, NH

house is on short sale..during that process we also get offer from first mortgage to do deed of leau..what is the best .?

Asked by merima zeher, Nashua, NH Wed Sep 7, 2011

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I would highly recommend you consult with an attorney in person. While Trulia is a great way to exchange information, your question is very personal and depending on what you do, it can have a significant impact on you legally, financially and on your credit score.
Good Luck!
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0 votes Thank Flag Link Fri Dec 2, 2011
Ask them how they will report it on your credit report. Many times it looks like a foreclosure. NEGOTIATE how it will be reported and talk to someone who will give you an answer as to how it impacts your credit before you make a decision. Good luck.
0 votes Thank Flag Link Thu Sep 15, 2011
If you are on the short sale process you must have submittted your financial statement, hardship letter and incme and asset documents? If you still live in the property you may qualify for a minimum of the HAFA $3,000 money. You said there was a second mortgage and typically you would not get a deed in lieu offer with other liens. If you have an offer of deed in lieu is the lender offering you any money to sign? Either your attorney or agent handling the short sale process should be talking to this lender. You need find out all your options before choosing the deed in lieu. No one can really consult you on an open forum like this one.

Best of Luck,

Eric Erickson, CDPE
0 votes Thank Flag Link Wed Sep 7, 2011
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