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Two Mortgages

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Anonymous
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Two Mortgages

My mother passed in Dec. 07. I tried, but was unable to maintain her mortgage and mine. My home has 76,000 left and hers has 30,000. I felt putting mine on the market for a quick sale or deed in lieu was best. How will a deed in lieu effect my credit? How will it appear on my credit report? How long will it take to repair if neccessary?
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Anonymous
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Re: Two Mortgages

Did you co-sign on the loan for your mom's home.  If not, why not let it go.  It should not affect your credit.  Also, I am assuming if only 30K is owed on it, there is equity.  COuld you sell either property for what you owe minus the relator fees.  Which house are you living in?  Is the other vacant or being rented?  A deed in Lieu is basicly the same as a foreclosure.  You are just saving the bank some work.  All of the negative aspects will remain.

 

 

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