Deed in Lieu of Foreclosure

Posted by Eli on October 22, 2007 at 07:08:17:

Anyone have insight on a deed in lieu...pros and cons. Is it possible to execute a deed in lieu if you have a 1st and 2nd mortgage? Besides looking a little better on your credit, are there significant advantages to going this route vs. a foreclosure? If it matters, I'm in California...Thanks in advance.