[A R]

...In Lieu of Foreclosure? Currently I am living in NC and lost my job couple of weeks ago. Unfortunately the job market in NC turned very tight so at this time I am looking for jobs in Atlanta and Florida. If I get a job in Florida should I walk away from my mortgage? I can try to keep rent and mortgage but not for while and due to currently real estate market I know it could take probably up to a year to sale my property. Eve though my wife and I both have great credit score for over 750, no credit card debts and car loan are almost done, we would like to do what is best for our family; if I need to live with 7 years trying to rebuild my credit, I can survive with that! What should be better of sign deed in lieu of foreclosure or foreclosure? Any ideas?? What should be the best solution?

[Komaraconsulting]

Sorry to hear about your situation. The first step is to somehow find work because the bank wont we be willing to work something out unless you can show some sort of monthly income. I always recommend walking away or bankruptcy as a last resort, especially with your good credit score. Once you get a job you apply to get your loan modified to lower your payment and with your auto loan almost paid off, this should free up some extra monthly income.

[admin]

If you are unemployed, some lenders will us the income from unemployment but if you are unemployed and have no income or substantial income to afford bills including mortgage a short sale may be your best option.