Deed in lieu on VA backed loan (real estate, credit, law)

[mattvj5]

I have a question for the real estate pro's out there. We have decided to give back our house to our mortgage company through a deed in lieu. We researched renting it out, short selling and after thinking about it and consulting an attorney decided deed in lieu is the best situation for us for a few reasons that I won't touch on.

My question is this: What are the ramifications besides the ding on our credit and of course the stress involved? I have talked to the VA and the mortgage company and they have been straight forward pointing out the pro's and con's, but my mother and law is worrying about it and says it will affect us getting jobs for the rest of our lives, especially goverment jobs.

I know they put it on your credit, and employers can see that if they check credit, but can the goverment forbid you from employment for doing a deed in lieu.

I am going to see my attorney next week to finish up this, but I just wanted to get any feedback about this.

Thanks

[renriq02]

it will affect you from getting a goverment mortgage in the future.

it may affect you from getting a job, but only the employer will tell you this. they each have their own system of what to look for in an employee.

Originally Posted by mattvj5

I have a question for the real estate pro's out there. We have decided to give back our house to our mortgage company through a deed in lieu. We researched renting it out, short selling and after thinking about it and consulting an attorney decided deed in lieu is the best situation for us for a few reasons that I won't touch on.

My question is this: What are the ramifications besides the ding on our credit and of course the stress involved? I have talked to the VA and the mortgage company and they have been straight forward pointing out the pro's and con's, but my mother and law is worrying about it and says it will affect us getting jobs for the rest of our lives, especially goverment jobs.

I know they put it on your credit, and employers can see that if they check credit, but can the goverment forbid you from employment for doing a deed in lieu.

I am going to see my attorney next week to finish up this, but I just wanted to get any feedback about this.

Thanks