I think the reason no one has answered this for the last several days is because we don't understand the question. Are you asking what will happen if your lender agrees to a deed in lieu of foreclosure? If so, here's my answer: A deed in lieu does have negative credit implications; there may also be negative tax implications if Fannie Mae forgives the remaining debt. If Fannie Mae doesn't forgive the deficiency, you will owe the difference between the market value of your property on the date of the deed in lieu, and what you owed on the mortgage promissory note as of that date.
I agree with my colleague. Although a Deed in Lieu may sometimes be negotiated to avoid a foreclosure action, if you do not also acquire a waiver for the deficiency arising from the sale, then you would be responsible for the deficiency.
We have a foreclosure defense division of our law firm that may be able to assist you with negotiating the terms of the foreclosure if your financial institution is willing to resolve the matter by Deed in Lieu. I have provided a link to our website for more information and our phone number to contact the office for a free consultation.
Please note that the response above is solely based on the information provided in the question, and limited to in scope to that content. This answer does not qualify or should be construed as legal advice, but rather information to enable to individual to understand what infomation may be discussed with an attorney consulted for potential engagement to assist the posting party with their legal matter. This response does not consistute legal advice, legal advocacy, or constitute an engagement with the attorney or firm to which has answered this inquiry.