Posted on: 16th Jan, 2009 06:45 am
Quick question.
My wife and I live in Canada and we have a property in Florida that we purchased as an "investment", which we rent to short term vactioners.
Could this house be a candidate for Deed In Lieu, or does the the rental/investment part somehow disqualify me?
Thanks
My wife and I live in Canada and we have a property in Florida that we purchased as an "investment", which we rent to short term vactioners.
Could this house be a candidate for Deed In Lieu, or does the the rental/investment part somehow disqualify me?
Thanks
Hi Andy B,
As far as I know, a rental or investment property can qualify for a deed in lieu. You will have to write a hardship letter to the lender and tell him why you need to do a deed in lieu. If the lender accepts the application, then you can go forward with this. However, a lender will accept a deed in lieu only if you are already delinquent on payments. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Thanks
As far as I know, a rental or investment property can qualify for a deed in lieu. You will have to write a hardship letter to the lender and tell him why you need to do a deed in lieu. If the lender accepts the application, then you can go forward with this. However, a lender will accept a deed in lieu only if you are already delinquent on payments. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Thanks
Its a candidate. The question is will the lender accept this arrangement.
