I took a job transfer three states away with no relocation package. Our home is currently on the market with good interest but no offers. Our asking price is about $5k above our bottom line break even price (only 4 years into a 30 year mortgage). Our home will appraise for the asking price. We are on a USDA backed, bank funded mortgage. We have enough in savings to lease a new home and move. Nothing to help increase offers coming in. Thinking about short sale and read on my bank's website about Deed In Lieu of Foreclosure. Which is better for us, taking in consideration our USDA Rural Development backed mortgage, should we need to look into options beyond the normal sale? Thank you for your time.
A "Deed in Lieu of Foreclosure" and "cash for keys" is the way to go. Most short sales are not successful. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced OK mortgage foreclosure defense attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
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Either of these options would require the willing cooperation of the mortgage company, so before you spend too much time trying to figure out which is "better", I think the first thing you need to do is talk to your mortgage company about whether or not they are interested in either option. As for the USDA Rural Development mortgage that you referred to, I am assuming that this mortgage is backed by a USDA 90% guaranty? I don't know what the consequences are of the USDA having to perform on its guaranty, but I think when I inquired if the lender was interested in pursuing either a short sale or a deed in lieu, I would want to know whether either course would result in a demand being made for payment on the guaranty.
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