Posted on: 17th Dec, 2008 06:28 am
I am letting my home go into foreclosure do to loss of income, and my son in law thought may I could quit claim to my mortgage co so I am not responsible for it, since I have already obtained an apartment. Thanks for any info
bingo, what you are sort of describing would be a deed in lieu of foreclosure. this is a measure that may work for you, but it's something to be discussed with your lender. essentially, what it would do is eliminate the need for all the legal work done with a foreclosure.
contact your lender right away.
contact your lender right away.
Hi bingoqueen,
I agree with George here. You are thinking on the lines of a deed in lieu foreclosure. In a deed in lieu foreclosure, the borrower quitclaims the property to the lender. The lender sells it in the market and tries to recover the debt. If there is a deficient amount, the lender forgives it. However, you should remember that a deed in lieu foreclosure will affect your credit score and will lower it by 250 points.
But you should also note that accepting a deed in lieu will be a lender's discretion.
Thanks
I agree with George here. You are thinking on the lines of a deed in lieu foreclosure. In a deed in lieu foreclosure, the borrower quitclaims the property to the lender. The lender sells it in the market and tries to recover the debt. If there is a deficient amount, the lender forgives it. However, you should remember that a deed in lieu foreclosure will affect your credit score and will lower it by 250 points.
But you should also note that accepting a deed in lieu will be a lender's discretion.
Thanks
