As many of you know I've been working in northern Virginia for the last 6+ months. Even thought I'm making relatively good money, I'm having to maintain two households while I've been trying to sell the place in North Carolina, including very expensive rent in VA, and I'm going into debt every month. I've reached a position where I just can't keep it up any longer.
I've been looking at a Deed in Lieu to dump the house. This was not my first choice by a long shot. I wanted to be able to sell the house, but it's just not moving, for several reasons. Folks here helped me save the house a year ago, and that was another reason that I wanted to avoid defaulting. Unfortunately, I've just reached the end.
So, my question is this: I'm told that a Deed in Lieu will leave a black mark on my credit, but one not nearly as serious as a foreclosure. Does anyone know if this is true? Can anybody pass along any more details? The bank, as you might imagine, is not being forthcoming with any information. In fact, they've been doing their best to force me to default, which is a point of view that I just can't understand.
Any other advice is appreciated as well.
