Short Sale vs Forclosure?
If I choose to do a deed in lieu rather than a short sale will my second home (which was left to me by my brother two years ago as an inheritence) be subject to a lien by the lender? Is there some type of protection against this. And is bancrutpcy a final option? I have tried for months to work with the bank for a modification and now I have a real estate agent who is suggesting putting it on the market, but I have to do what is best for me. I don't want to lose the home that my brother left to me. by shirleyvez from , . Aug 6th 2009
John Frichter (loanmodpro)
#189 ranked lender in California - 10 contributions
Short sale might actually be a good option for you which will prevent you from having a foreclosure on your credit which takes longer to go away than a ding in your credit. GOod luck.
Debra Clark (Debra Clark)
#146 ranked lender in California - 42 contributions
If you go for a deed in lieu foreclosure, the lender will forgive the deficient amount resulting from the sale of the property. In such a situation, the lender will not place lien on your other property. So you will not have to worry about the property you inherited from your brother.
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