How does a deed-in-lieu reflect on your credit?

I own property that I do not live in, someone else does. I'm responsable for the mortage, but since I'm the owner it reflects badly on me. I can't afford to pay the mortage on my own. I don't know if I should foreclosure or deed-in-lieu foreclosure.

Answers:
Better than a foreclosure; but marginally. Best aspect is that you won't get hit with all the foreclosure costs and the possibility of a deficiency balance. Of course depending on your real estate market, you might be better off trying to sell and payoff.
really both are damaging, the deed in lieu is just a simplified process and saves you eviction etc.
Contact a local Real Estate Investor very soon. It is still a foreclosure and will wreck your credit. An investor may not be able to pay you what it is worth but CAN save your credit. If you were in Colorado I would have you contact me :) Call one of those ads in the paper or from a bandit sign. Good luck and get moving as you are running out of time.
Both are no good in Deed in lieu of is not good due to the reason that you will be billed a deficiency judgment. Meaning the bank will bill you for the difference. Foreclosure is also no good. What state is your property in? I work with families in foreclosure I will be able to help you out of your situation. Please email me at mconcepcion35@yahoo.com.

Good Luck…

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