Posted on: 21st Jan, 2010 03:04 pm
i want to know if you can file for a deed in lieu of foreclosure while you are being sued for foreclosure
Hi Phabillia,
If you default on your loan, the lender will sue you in an attempt to foreclose on your property. If your property is in foreclosure, but has not yet been auctioned, you can request your lender to accept a deed in lieu (DIL) of foreclosure. The lender may accept it as they will no longer have to spend money to sue you for the foreclosure. However, it is completely up to your particular lender if they would accept your request for the DIL.
If you default on your loan, the lender will sue you in an attempt to foreclose on your property. If your property is in foreclosure, but has not yet been auctioned, you can request your lender to accept a deed in lieu (DIL) of foreclosure. The lender may accept it as they will no longer have to spend money to sue you for the foreclosure. However, it is completely up to your particular lender if they would accept your request for the DIL.