Posted on: 25th May, 2010 02:46 pm
I am in the middle of going through a foreclosure and approached the mortgage company for a deed in lieu.
They had advised me that I need to list the house with a realtor as a short sale for 90 days as part of the terms for a deed in lieu.
The house is in New Jersey.
I was trying to research online if listing the house is indeed part of the process for a deed in lieu...to no avail. I just don't understand why I have to list the house instead of just giving the mortgage company the deed and walking away and let them deal with sale of the house.
Can anyone confirm that listing the house is in fact part of the process?
They had advised me that I need to list the house with a realtor as a short sale for 90 days as part of the terms for a deed in lieu.
The house is in New Jersey.
I was trying to research online if listing the house is indeed part of the process for a deed in lieu...to no avail. I just don't understand why I have to list the house instead of just giving the mortgage company the deed and walking away and let them deal with sale of the house.
Can anyone confirm that listing the house is in fact part of the process?
Hi Joszie,
Yes, before you can approach the mortgage company for a deed in lieu, you need to list your house with he realtor atleast for 30 days, so that the mortgage company needs to know that you have atleast attempted to sell your property.
There are various eligibility criteria for you to qualify for a deed in lieu. You must have gone delinquent for atleast 30 days, and the property must not be used as rental for more than 12 months, etc.
Hope this helps.
Regards,
Sandra
Yes, before you can approach the mortgage company for a deed in lieu, you need to list your house with he realtor atleast for 30 days, so that the mortgage company needs to know that you have atleast attempted to sell your property.
There are various eligibility criteria for you to qualify for a deed in lieu. You must have gone delinquent for atleast 30 days, and the property must not be used as rental for more than 12 months, etc.
Hope this helps.
Regards,
Sandra