If you are facing foreclosure you are probably aware that two of your last options are a deed in lieu of foreclosure or a short sale. Both options have their benefits and drawbacks. These are your last two options before an actual foreclosure, and unfortunately, you will lose your home with either option you go with; the goal with a short sale or a deed in lieu of foreclosure is to keep a foreclosure off your credit history. A deed in lieu of foreclosure is an agreement where you deed your property over to your lender in exchange for being forgiven all the remaining mortgage balance.
More:What Affects My Credit Score Worse – A Deed in Lieu of Foreclosure Or a Short Sale?
