Posted on: 05th Aug, 2011 05:16 pm
My husband got laid off and we moved to a different state for a new job. For the last year we have been trying to sell our house via short sell, during this period, a bad winter left the house with busted water pipes. Fast forward, we are in the process of trying to do a deed in lieu of with the bank. They informed me today that we can proceed with the deed in lieu of if we pay a 1500.00 cash contribution. I don't understand why they are haggling over 1500.00. Why not take the house now and try to get it sold before another winter sets in and more damage is done to the house. We managed to secure a new house and mortgage in the new state we are living in, so we are prepared to live with bad credit for awhile. Should we let the house go into foreclosure instead of meeting their demands?
welcome cindydaniels,
you should contact your lender and request them to clarify why they need $1500 in order to approve a deed in lieu of foreclosure. if you're satisfied with the explanation, then you can pay them the required sum and go for the deed in lieu of foreclosure.
you should contact your lender and request them to clarify why they need $1500 in order to approve a deed in lieu of foreclosure. if you're satisfied with the explanation, then you can pay them the required sum and go for the deed in lieu of foreclosure.