"unscathed"?
Deeds in lieu of forclosure usually do not happen with two mortgages on the property (two liens). If your property taxes were reassessed to $168k that is a major loss from your purchase price... and most lenders will seek the fair market value of the property. So, how will you come out unscathed?
No matter what you do, your credit score and future ability to get credit will be impacted by these decisions.
Please make sure you have a good lawyer familiar with these types of issues. Please also understand 100% what they are telling you before you sign anything. Please read everything... please ask questions on anything you do not understand.
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