Home & Garden

October 11, 2008

Credit effect of deed-in-lieu uncertain

Q. I have a real estate investment property that is a single-family home in a country club community. I bought it about two years ago at a below-market price and have done some significant rehab. I finally got it rented, but the rent doesn't cover the mortgage. The house has been on the market for more than four months without any offers. I'm considering doing a deed-in-lieu of foreclosure to the bank, but I'm trying to minimize or eliminate any effect on my credit score, which is about a 750. What else can I do to get rid of the property?

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