deed in leiu of?

Posted by lori on February 26, 2007 at 13:50:29:

We have had out home on the market for 3 months, 45 showings and 3 broken offers later still on market. We are now 2 months behind and cant get caught up. We have 50,000 in equity.

If we do a deed in leiu of what will happen?
They just take the house back and we dont owe them anymore?
What about credit?
And does all of our equity go away?

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