Difference between deed in lieu and walking away?

[flower04]

Trying to sort this out. If you are going to walk away from your house and expect foreclosure, how is a deed-in-lieu any different? You are still surrendering your home to the bank--the time table is just different. How is it better or worse than just walking away and waiting to be "kicked out?"

We've already filed 13 and 4 months into it so our credit is shot anyway but if this makes it easier to move then it would be worth looking at. I am hoping to move during the summer when the kids are out of school rather than have to relocate them in the middle of the year. THis summer, 2010, it will be 1 year since we have paid our mortgage. We stopped in July 2009.

Any insight woudl be great. Maybe I'm just missing something.

[HHM]

No difference, equally bad on credit report.

The only benefit of DIL is that it gets the property out of your name sooner, which can be beneficial. However, the Bank has to agree to do a DIL.

[brokeballer]

If the bank mentioned a DIL, ask them for a Cash for Keys deal.