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Deed in Lieu Qualifications

Deed in Lieu Qualifications

I can no longer afford my house in Ohio due to hardship, specifically, I have had to go on SSDI Disability since I purchased the home with no end in sight for this situation. I only get apx $1,500/mo before expenses. I will be able to move into a property my mom owns so I don't need to worry about a mortgage or the negative affects of a foreclosure. I qualified for a government program that has paid for my mortgage + escrow for a total of 18 months, which will end in December 2015. As of January 2016 I cannot afford to make my payments. I am not yet deficient on my mortgage (thanks to Save the Dream Ohio) but will be as of next year. I also have already had a loan modification through my mortgage company, but this still will not make payments affordable. I know if I have a short sale I will still owe the shortfall (probably at least $10,000 I would imagine). I have not yet put my home on the market nor contacted Huntington Mortgage. Will I qualify for a deed in lieu? I'm not concerned about the bad credit as I have no plans to make any purchases that will need it. Thanks for your comments!!


Anonymous's picture
Anonymous (not verified)
1-09-2015

1 Answers
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You may. But you need to contact your lender first. Do consult an attorney before making any move.

admin | Asked on 2016-03-09 04:07:15

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