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What Is The Best Way To Default On Your Mortgage?

August 2, 2010

So, you wake up one day and decide that the home on which you owe more than the value is no longer a good investment. With the monthly payments killing you, you decide that the right time to unload the property is now. Unfortunately, with the value such as it is, the only way to facilitate this is via an option other than simply selling the home and paying off the mortgage note. This is done through short sale, a foreclosure or providing a deed-in-lieu of foreclosure. Getting this done will get rid of your white elephant house, but what will a move like this do to your credit?

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