Posted on: 28th Jan, 2010 08:07 am
We have asked our mortgage company for a deed in lieu and seem to be getting the run around about it. Would it be in our interest to have an attorney handle it for us? Or, should we put it in writing and send it in to the mortgage company? Any help on getting the process started would be great.
hi,
engaging an attorney to negotiate with your lender for a deed in lieu is a good option. but it involves some amount of costs and there's no guarantee that the lender will accept the deed in lieu. i think you should first try to do it on your own. send a hardship letter to the lender explaining your financial hardship and why you need to do the deed in lieu. the lender may ask you to list the property in the market for a short sale. in that case, you can try and short sell the property first. if it does not short sell, you can request them for the deed in lieu of foreclosure.
engaging an attorney to negotiate with your lender for a deed in lieu is a good option. but it involves some amount of costs and there's no guarantee that the lender will accept the deed in lieu. i think you should first try to do it on your own. send a hardship letter to the lender explaining your financial hardship and why you need to do the deed in lieu. the lender may ask you to list the property in the market for a short sale. in that case, you can try and short sell the property first. if it does not short sell, you can request them for the deed in lieu of foreclosure.