What is the name of your state?What is the name of your state?What is the name of your state? GA
The mortgage that we currently have on our home has a balance of $227,000. My husband has recently been transferred to a new state and we now need to sell our home. At best I think we can get about $195,000 based on current sales in our neighborhood and recent apprasials. I contacted our mortgage company and even though our mortgage is current, they have said that we can do a short sale on the house and they will not need the full amount, they will take what they can get. They also told us that we have the option to do a deed-in-lieu and just sign the house over to them. Can someone please advise how these each will affect our credit. We will need to purchase, not rent, a home in the new city (three large dogs). Is this going to make purchasing a new home impossible for someone whose credit is already not so great?
The mortgage that we currently have on our home has a balance of $227,000. My husband has recently been transferred to a new state and we now need to sell our home. At best I think we can get about $195,000 based on current sales in our neighborhood and recent apprasials. I contacted our mortgage company and even though our mortgage is current, they have said that we can do a short sale on the house and they will not need the full amount, they will take what they can get. They also told us that we have the option to do a deed-in-lieu and just sign the house over to them. Can someone please advise how these each will affect our credit. We will need to purchase, not rent, a home in the new city (three large dogs). Is this going to make purchasing a new home impossible for someone whose credit is already not so great?