Deed in Lieu of Foreclosure???

Question

I have been working with my mortgage company for the past 7 months trying to sell my house. They have agreed to let me do a dil. My mortgage balance is 97,000 and it's value is now 92,000. Because they haven't reported to the credit bureau in the last 2 years, my lender is telling me that it will NOT show up on my credit report. Also, they say I will owe no deficiency judgement. I am only a month behind on my mortgage. They are shipping me the documents this week to sign and then they will take the house back. Any advice? Does this sound too good to be true? Any negative possibilities?

FYI - I tried a short sale and had no luck! DIL is my last option.

Answer 1

This is a good deal for you.  It won't show up on your credit and it will allow you to rebuild a lot quicker than if they foreclose on you.

Take the deal and count your blessing's.