Economy Rockford: How to Avoid Foreclosure

Mortgage expert Terry Bloom says a ‘deed in lieu’ wont bruise your credit rating as badly as a foreclosure. Here’s how it works, you give your home to your lender because you cant pay for it anymore. The lender then sells the property to recover some of the debt and makes your loan as paid, releasing you from liability. You do have to find a new place to live, Bloom says its better than walking away.

You will be taxed on the difference between what your home is worth versus your mortgage balance. Not all banks or lenders accept ‘deed in lieu’s.’

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