I did a loan modification about 2 yrs ago to fix my loan for 5 yrs. That increased my payment around 4 hundred dollars. I took every measure seen to cut my other bills : cut my cable, phone, alarm bills to a minimum. I also increased my exemptions on payroll to give me more money monthly. I have borrowed money from family to keep this payment up to date. My father is terminally ill and now am helping financially and physically as much as possible.
I have a good credit score and would hate to lose it. I called my bank to inquire about deed in lieu of foreclosure but they said I have 2 attempt a shortsale for 3 months before accepting an application for this. Which could be denied.. what is the benefit over short sale versus foreclosure?what are the qualifications for a deed in lieu of f