[Victoria]

Long story short... Bought a house (2 people), refinanced it into my name only after a year. We broke up, I left. He decides to not cover the payments anymore. I dont find out until I get served foreclosure papers...What are my options that will least affect my credit?* foreclosure* deed in lieu* short sale (and how to go about that)* work out package to keep the house (mind you i dont live there and dont really want to)* How long if I do the deed in lieu will the person living there be in the house* Last but not least.. the other person on the deed is not on the mortgage via quit claim deed last year, how will all this affect his credit, as I know he is in the process of buying a house (bastard lol)...Thank you veryyyyy much!!!I need the best way out because I want to buy my own house in the near future...SORRY-- I made a mistake... I signed a quit claim deed not him... stupid mistake huh...

[9 daughters]

The lender doesn't want foreclosure any more than you so talk to them to see what you can work out. Discuss the short sale with them too. Lenders take a beating when they foreclose today; so many foreclosures on the market, so few buyers. Ask the lender how they will report against your credit for each of these options you mentioned. They aren't out to hurt you. They just want to salvage as much out of this situation as possible, just like everyone else.I just bought a short sale. The seller talked with her lender and that's what they worked out to avoid foreclosure.The quit claim deed doesn't make sense. A quit claim deed can only result in someone's name being removed from the deed. It doesn't affect who's still on the hook with the mortgage. You described it as the other way around. Sorry if I misunderstood.In answer to your question about his credit after a quit claim deed, since that only removes his name from the deed and not the mortgage, it will normally affect his credit too, although he could contact the lender and ask for them not to report against him because he's no longer an owner. All he can do is ask. The lender is not bound to honor his request.