How does deed in lieu process work?

Hi kathy!

Welcome to forums!

If you're facing hardship in paying off the mortgage, then you should contact your lender and apply for a deed in lieu of foreclosure. The lender will look into your financial situation and let you know whether or not they will accept your request.

Feel free to ask if you've further queries.

Sussane

Bankruptcy was dischange in Jan 09. Continued making house payments until husband lost his part-time job in Nov 10. Stopped making house payments in Dec 10 and abandoned the house in Jun 11. BOA is our lender and they haven't started forecloure on the house. They tell me that they can't do anything because of the bankruptcy discharge. What are they talking about as the lady I spoke to didn't know.

If you haven't reaffirmed the home in your bankruptcy filing and if you have stopped paying the mortgage, then you can surrender the property to your lender and let him foreclose it. This will help you in getting rid of the property.

Is it possible to follow the Deed in Lieu Process for Timeshare that has never been used. Purchased August 2009. Was mislead when purchased that can go all over us , nothing is ever available when contacting them.

hi rose,

you can contact the lender and apply for a deed in lieu of foreclosure. however, it will be completely the lender's discretion as to whether or not you can qualify for a loan.

thanks