There’s been lots of talk about how to get out from under a mortgage that is more than the value of your home. One of the possible choices is a short sale. definitely a better choice than foreclosure. Another choice that may be often overlooked is a deed-in-lieu-of-foreclosure, or deed-in-lieu for short.
Choosing a deed-in-lieu might be a viable option for many. It allows you to cancel your mortgage in exchange for turning over the deed to your house. In most cases, it is a much faster process than either a short sale or foreclosure. Another advantage is that Fannie Mae has reduced the time that a borrower has to wait from four years to two as compared to a foreclosure.
Want to know more? Check out this article from the LA Times, or use the Contact page to phone, text or email with your questions.