Posted on: 14th Jun, 2009 05:48 pm
Me and my wife have a rental property and now we cant afford the mortgage on it,if we do deed in lieu will the bank sue us.
Hi jerrdhugg,
If you do a deed in lieu and there is any deficiency, the mortgage company may come after you. But generally, in a deed in lieu, the deficiency is forgiven by the lender. Before you do the deed in lieu, discuss this issue with your lender whether they would forgive the deficient amount arising out of the DIL.
If you do a deed in lieu and there is any deficiency, the mortgage company may come after you. But generally, in a deed in lieu, the deficiency is forgiven by the lender. Before you do the deed in lieu, discuss this issue with your lender whether they would forgive the deficient amount arising out of the DIL.
discuss the matter with lender