2007-10-22 09:52:29 · 6 answers · asked by sbeanie1963 1 in Business & Finance ➔ Renting & Real Estate
With the housing market what it is right now, your mortgage company may not accept the deed in lieu of foreclosure. You need to know that if they do accept it, and they sell it for less than you owe on it, you will be held liable for the deficiency balance. They will work very hard to collect that balance from you.
2007-10-22 10:01:16 · answer #1 · answered by m27jean 3 · 0⤊ 1⤋
A Deed in Lieu can be recorded on the property. Mortgage companies usually would just foreclose but they maybe ok with recording a Deed. It would be alot cheaper and less time consuming then going through foreclosure proceedings. There is no way you can sell it though and pay them back?
2007-10-22 10:01:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Banks and mortgage companies are not in the real estate business and don't want to be right now.
If you are having trouble making your payments call them to work out some kind of resolution.
If you need to sell and don't think you can get out of it what you owe them then talk about a short sale.
Good luck.
2007-10-22 10:27:43 · answer #3 · answered by Sharon 3 · 0⤊ 0⤋
Only with the agreement of the lender involved. You should speak to the loss mitigation department of the lender involved to determine what your options are.
The lender may agree to a short sale or a deed in lieu. Bear in mind, however, that any such action will probably result in a fairly substantial hit to your credit rating.
2007-10-22 10:36:23 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Yes, it is called Deed in Lieu of Foreclosure. However, they do not have to accept it.
2007-10-22 09:59:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I don't think so. They probably don't want it. You can sell it and pay off the loan, though.
2007-10-22 09:57:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, sell it.
2007-10-22 11:29:44 · answer #7 · answered by vincent t 1 · 0⤊ 0⤋