Short sale or deed in lieu....which is better on my credit report?
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Posted by basketlady
(208.157.116.253) on February 24, 2003 at 15:25:09:
I bought a house last year, but couldn't live in it because of a severe black mold problem we found upon moving in. Yes, I've consulted a few attorneys and exhausted all avenues. I don't want to go through the whole story again because I've posted about this before, but I think WhyChat and LadyNRed will remember. I called the lender today, and they want to do one of two things.....take a deed in lieu, which will keep me from having to pay a deficiency judgement if I just let them foreclose, and the other thing is to put my home up for sale and they would take a short sale. It sounded to me like they would take just about any reasonable offer. I would, of course, have to disclose that the house has $17,000 in black mold damage. I live in a small town and the entire town knows that I bought a house with that much mold damage, so I wonder WHO would buy it you know? It really is a very nice house if you take away the mold problem. It's a 2500 sq. ft home that's about 75 years old. If you take away the mold problem, it is an awesome house, but unfortunately, the mold is a big problem. Just so anyone new to this board knows, I did not let the house get this way myself. I unknowingly bought the house this way and only got to live there for a couple of weeks because my daughter is allergic to black mold. The house has been sitting empty for almost a year. What would be your advice? Again, I've already sought legal counsel, but fees are in excess of $10,000 for this case, and that is absolutely not do=able. The only thing I can do at this point is to work something out with the lender. Any advice would be greatly appreciated!!
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