A Common Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

By
Real Estate Broker/Owner with Thompson Realty Group DRE# 01229754
http://activerain.com/droplet/59PJ

The biggest beneficiary of a Deed-In-Lieu is the bank. They get a faster, easier foreclosure. But, what do you, the homeowner, get?

Unfortunately, not much. I see no benefit to a homeowner. Here are some Deed-In-Lieu myths I saw floating around on the internet. A well respected personal finance website is stating the following as though it is fact.

Here is the biggest myth this article has about Deed-In-Lieu: Your lender agrees not to initiate foreclosure proceedings if you agree to a Deed-In-Lieu.

The article would lead you to believe that somehow the lender would get the property without having to foreclose. That is simply not true.

A Deed-In-Lieu is when a homeowner simply tells the judge that they are not contesting the foreclosure in any way. The judge then bypasses the foreclosure lawsuit and schedules the property for a foreclosure auction.

So, the property is still sold at a foreclosure auction. It still shows up as a foreclosure on your credit report. This is why a short sale is a much better option than a Deed-In-Lieu.

With a short sale you avoid having the stain of a foreclosure on your credit. In addition, are eligible to get a loan to buy a home in 3 years instead of the 5 year wait necessary after a foreclosure. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at shonn@thompson-realtygroup.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 925-754-1611

Discover how other sellers successfully completed a short sale and request a free consultation by  clicking here schedule 


Thanks for reading this, Shonn Thompson.

Shonn is a Real Estate Agent at Better Homes Realty. Antioch Short Sales Realtor:

Phone: 925-754-1611. shonn@thompson-realtygroup.com.

Experience and Results That Will Move You!

View My homes for sale at http://www.Thompson-RealtyGroup.comm

Shonn Thompson specializes in short sales in Antioch California Antioch Loan Modification Help, Antioch Short Sales. Antioch Short SaleRealtors. Pittsburg Loan Modification Help, Pittsburg Short Sales, Pittsburg Short Sale Realtor Brentwood Loan Modification Help, Brentwood Short Sales, Brentwood ShortSale Realtor Antioch CA Short Sales. Antioch Realtor.

 

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Shonn Thompson, Thompson Realty Group, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Shonn's personal views and do not reflect the views of Thompson Realty Group.

This information on A Common Antioch Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would is provided as a courtesy to our viewers to help them make informed decisions.

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