Posted by B.L.Renfrow on April 13, 2004 at 16:03:31:
Most lenders these days won’t accept a deed in lieu. Filing bankruptcy will usually only prolong the inevitable, unless it’s a situation where the owner has experienced a TEMPORARY loss of income and is on the rebound. And, a short sale is typically perceived to not be nearly as detrimental to a credit report as foreclosure or bankruptcy.
Brian (NY)
Why a SHORT SALE??? - Posted by Pam
Posted by Pam on April 13, 2004 at 15:15:52:
Just wondering why would a home owner go for a short sale when they aren’t supposed to receive any cash from the sale, and they could just as easy file bankruptcy or deed back the house to the bank? Thanks.
Re: Why a SHORT SALE??? - Posted by BOB H
Posted by BOB H on April 13, 2004 at 20:56:35:
I am currently doing a short sale with a seller who would lose her
job if she had a foreclosure or a bankruptcy on her credit. Her job
with a defense contractor requires a security clearance, and it
would be revoked with either a BK or a foreclosure. Thus, a short
sale is her best opportunity to rid herself of an over-
emcumbrered property, and remain gainfully employed.