2007-11-25 04:44:44 · 3 answers · asked by James G 1 in Business & Finance ➔ Renting & Real Estate
There is no "deed in lieu" if the foreclosure goes through. It's a deed in lieu of foreclosure, so it's either or.
2007-11-25 05:00:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
deed in lieu tranfers title directly to the mortgage owner and ends foreclosure procedings.
as to whether that will end your obligation -- you need to bargain with the lender on that.
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the 'usual' idea with a deed in lieu is that the transfer ends your obligation -- and you'll want to read your state's laws on the subject [google will find them].
2007-11-25 13:00:54 · answer #2 · answered by Spock (rhp) 7 · 0⤊ 0⤋
Usually not. That's because the bank gets spared the expense of a foreclosure and they save $$$ on the legal fees.
If you can, see if they will allow you to do a short sale first, if you can just float the mortgage a little longer.
2007-11-25 13:07:16 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋