My wife and I are having some serious financial troubles and cannot afford to pay for our home anymore. We have tried to look into various other options such as lowering mortgage payments, and it appears that walking away is going to be the only way out. I am confused on what will be better to do, not paying mortgage and foreclosing, or filing a deed in leau? What do you think the best option is? Thanks in advance for your help regarding this issue.
Neither of those options are really good, of course. But before you think about the bad options why not see if there might be other options that would let you keep your home. The first step to figuring out the best way out of your situation is to sit down and do a careful analysis of all your other debts to see what your cash flow really is. Maybe you have already done that. I don't know because you didn't say anything about that. Are you also paying off heavy credit card debt or a vehicle you really can't afford? The things that hit credit scores the heaviest are foreclosures, judgments and vehicle repo listings and are therefore things that you want to avoid at all costs if at all possible. What has caused the financial problems that lead you to this situation?
