Posted on: 09th Jul, 2011 12:44 pm
My husband and I lost our jobs late in 2006. In the same year we purchased a piece of vancant property. We can no longer pay our loan. It is now 2011 and we have used all of our savings. Would a deed in lieu be better than foreclosure?
7/9/2011
7/9/2011
Hi sridgway,
You can go for a deed in lieu of foreclosure if you're facing hardship and you're unable to pay off your debts. If the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the sale of the property.
Thanks
You can go for a deed in lieu of foreclosure if you're facing hardship and you're unable to pay off your debts. If the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the sale of the property.
Thanks