Posted on: 19th Mar, 2011 08:08 am
what exactly is a deed in lieu of foreclosure?
we are currently in a possible modification of our loan with b of am. can you become a renter at fair market value if the deed is surrenderedto the bank?
we are currently in a possible modification of our loan with b of am. can you become a renter at fair market value if the deed is surrenderedto the bank?
Hi tommyb45,
Welcome to Mortgage fit,
In Deed in lieu you transfer the deed to the lender in return,lender forgives your entire amount of the mortgage....
For further details you may visit this link
http://www.mortgagefit.com/deed-lieu.html
As far as your second question is concerned.......
Basically bank's main business is to accept deposits and lend the money and rather not to rent a home...Legally even in their (bank's) Memorandum Of Articles there won't be any mention of such activity....So taake my words bank will never do this and will always go for one time settlement for find a new buyer instead search for a new buyer....
Feel free to ask any further query if you have.....
DIPA
Welcome to Mortgage fit,
In Deed in lieu you transfer the deed to the lender in return,lender forgives your entire amount of the mortgage....
For further details you may visit this link
http://www.mortgagefit.com/deed-lieu.html
As far as your second question is concerned.......
Basically bank's main business is to accept deposits and lend the money and rather not to rent a home...Legally even in their (bank's) Memorandum Of Articles there won't be any mention of such activity....So taake my words bank will never do this and will always go for one time settlement for find a new buyer instead search for a new buyer....
Feel free to ask any further query if you have.....
DIPA
Tommyb45,
If you're not approved for your loan modification, then BofA may offer to accept a deed in lieu of foreclosure.
It doesn't mean they will, but it is one of the options available to them.
As far as renting at fair market value, that will depend on each landlord and how much residual damage your overall credit report suffered because of your financial crisis.
If you managed to keep your other debts current, most landlords will not charge extra, if not you're at their mercy.
Good luck!
If you're not approved for your loan modification, then BofA may offer to accept a deed in lieu of foreclosure.
It doesn't mean they will, but it is one of the options available to them.
As far as renting at fair market value, that will depend on each landlord and how much residual damage your overall credit report suffered because of your financial crisis.
If you managed to keep your other debts current, most landlords will not charge extra, if not you're at their mercy.
Good luck!