For anyone facing foreclosure the process can be exhausting and even distressing. Many of those in the midst of foreclosure lose their credit simply because they don't know what their options are. A foreclosure is not only exhausting but can actually have a devastating effect on your credit. Different states have different foreclosure laws and the options a homeowner has largely depend upon which state a homeowner resides in. In most states there is something called a "deed in lieu" where the rights to the property can be relinquished back to the lender.

Many lenders actually prefer the deed in lieu process because it is much less expensive than a conventional foreclosure. By relinquishing all of your rights as the homeowner to the lender you are effectively giving up the property. Exercising a deed in lieu option is not intended to save your home, it is instead intended to save your credit. A foreclosure that results in the loss of your home can severely damage your credit for years to come. Some studies have found that a credit score damaged by a foreclosure can take up to 10 years to be repaired.

If protecting your credit score is of great interest to you, a deed in lieu is your best option. In order to properly execute a deed in lieu you will need to enlist the help of a legal professional. You can do it yourself but you run the risk of making careless mistakes. A legal professional can assist you with a deed in lieu for a few hundred dollars in most cases. A properly negotiated deed in lieu will negotiate how the lender will report to the credit agencies. Most lenders will be very lenient when it comes to credit reporting because they are usually delighted to be saved the trouble of foreclosure proceedings.

A deed in lieu is a great way to protect your credit and save you the distress of enduring foreclosure proceedings. But in most cases there are other options you can exercise as well. If your home happens to have a fair amount of equity in it, your best option is to contact an investor. An investor will basically be purchasing the equity in your property for a discounted price, typically about forty or fifty percent. If you have equity in your home an investor is the best way to get the equity out before the home is ceased by the bank.

If your home is located within a sellers market, your absolute best option is to list the home for sale at a discounted price. In many states the foreclosure process can take many months which gives you plenty of time to sell your home and cash out as much equity as possible. Even if you have no equity in your home, selling the home is still the best solution because your credit score will not be adversely affected in any way.

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