The other day I was talking to a home owner and he said he’ll just do a Deed In Lieu of Foreclosure.
Without a forgiveness paper why would YOU EVER choose this option. You basically have saved the bank between $40K to $100K for NOT having to pay for the foreclosure process!
A deed in lieu of Foreclosure still has all the ramifications of foreclosure without the costs to the bank. It makes sense, if the bank officially forgives your loan, otherwise, SHORT SALE is your best options.
Please read up on your options before you make a silly mistake like that!
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