Posted on: 10th Oct, 2007 03:27 pm
my ex-husband and i also have a home equity loan besides the mortgage. does that prevent us from proceeding with a deed-in-lieu of foreclosure?
hello robin,
lenders generally do not want to accept a deed-in-lieu with a second mortgage on the property. you may have to negotiate with your lender for that. the second lien becomes a burden for him.
you may look here http://www.mortgagefit.com/predeal/deedinlieu-juniorlien.html for further information.
lenders generally do not want to accept a deed-in-lieu with a second mortgage on the property. you may have to negotiate with your lender for that. the second lien becomes a burden for him.
you may look here http://www.mortgagefit.com/predeal/deedinlieu-juniorlien.html for further information.
Hi,
I don't think your lender will accept your deed in lieu with a home equity loan on your property. Why will they take such responsibility?
I don't think your lender will accept your deed in lieu with a home equity loan on your property. Why will they take such responsibility?
Yes if you have a home equity loan besides the mortgage, the lender will not take the risk. It is seems very difficult but on your part you can talk to the lender.
no.you cas go into foreclosure with either mortgages.
Hello Smailday,
Welcome to the forum.
I think, deed in lieu is not impossible but lenders do not want to take the risk.
Welcome to the forum.
I think, deed in lieu is not impossible but lenders do not want to take the risk.