Foreclosures Book

taxes or any penalties. However, if you have a traditional IRA or 401k, you’ll be charged taxes and penalties for making an early withdrawal. Tapping into your retirement fund may set you behind on your retirement savings, but this is better than losing your house. You can work on catching up on your savings once you are If you consider the above options and they don’t work for you, you can try the deed in lieu of foreclosure option. When you enter into a deed in lieu of foreclosure agreement, you agree to hand your home over to your mortgage lender; then, in exchange, the lender writes off your debt, even if it was more than what the home is now worth. A deed in lieu is still a foreclosure, but it’s a quicker and easier one. Once you hand over your house, your debt is scraped off immediately. This option will affect your credit score the same way a foreclosure will. However, you don’t have to wait so long to buy another home. A deed in lieu could reduce the wait time from five years to four, or even two, if you can show justifiable circumstances. back on track with your mortgage. DEED IN LIEU OF FORECLOSURE