Our home is in foreclosure. The amount owed is $290,000.00. We offered the Bank a Deed in Lieu of Foreclosure and they accepted if we execute a Promissory Note for $20,000.00 payable at $105.00 per month for 15 years.
The home is owned by my ex-husband and I and I now live out of state. I have researched alot of information and am trying to determine if a Deed in Lieu with a promise to payback $20,000.00 is a better idea than a foreclosure.
Our credit is already ruined at this point.
What do you think?