Upcoming Foreclosures

What should be my strategy after foreclosure/short sale/deed in lieu?

I have a chance to leave Michigan and start a new life in another state. It has been a hard road watching the state decay into oblivion, along with my property value. I cannot sell the house for what I owe on it, and am left having to take some form of credit hit. Is there life after foreclosure? How should I approach renting, leasing/buying a car, etc? I have never been late on credit payments ever, foreclosure or DIL will be the only flaw on my credit report.

Public Comments

1. A Short Sale is they way you should go to limit your credit damage. A Short Sale will not report on your credit other than the payments that were late while the process went through... which could be 1-3 months. A Short Sale will show just the same as you sold the house on your credit. A Foreclosure is one of the worst things to have on your credit. A Deed-in-Lieu is not good but not as bad.