How can I surrender my home without a foreclosure? 6 Answers as of October 17, 2013

I have a second home in default. We're not interested in saving it and since it's under construction, we doubt it will sell for a good amount. Can we still do a short sale? Will this affect my credit?

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Stephens Gourley & Bywater | David A. Stephens
You can only surrender your home without a foreclosure if the lender agrees to take it.
Answer Applies to: Nevada
Replied: 10/17/2013
Janke Legal Consulting | Bruce C. Janke
You can only do a short sale if your lender agrees. A short sale will cause slightly less damage to your credit score than a foreclosure. If you are going to walk away, at least try to negotiate a cash-for-keys deal with the lender. Many lenders will pay a few thousand dollars to avoid the time and expense of foreclosure.
Answer Applies to: California
Replied: 10/16/2013
Law Offices of Linda Rose Fessler | Linda Fessler
You can try to do a short sale and it will affect your credit.
Answer Applies to: California
Replied: 10/15/2013
Durham Jones & Pinegar | Erven Nelson
You could try a short sale, and that would be best on your credit if you can get it approved. If not, you could ask the lender to take a deed in lieu of foreclosure. Either remedy would affect your credit probably unless you can convince the lender to report the matter somewhat favorably. The credit reporting could be part of the negotiations. A foreclosure would be the worst possible thing for your credit report.
Answer Applies to: Nevada
Replied: 10/15/2013
Mark S Cherry, Attorney at Law, PC
Mark S Cherry, Attorney at Law, PC | Mark Cherry
Possibly, but there are many individual factors that make a definitive answer impossible. There will be an effect on your credit but not as bad as a foreclosure.
Answer Applies to: New Jersey
Replied: 10/15/2013
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