Posted on: 02nd May, 2011 02:34 pm
Please help. I am going through a divorce and own a home that has about 100,00 equity in per a recent appraisal by the bank. I can not affort the home by myself and have approached the bank for a deed in lieu - the 2nd and 3rd are with another banking institution. Since the home is valued more than all homes combined is it possible for the bank to taak responsibility for the 2nd and 3rd? thanks
Generally not. The bank is their to make a proffit. If you have 100k in equity, you should sell the house, divide the proffit, and go your seperate ways. If you do any type or deed in lieu, your credit will be affected. If you wanted to purchase another property, you would find lenders will not lend you $ because of the DIL. If your mortgage does not report DIL, then another lender would not notice. You best and safest bet is to sell the property. Did the EX not demand payment of the equity?
hi tina!
welcome to forums!
as far as i know, all the three lenders will have to agree to the deed in lieu of foreclosure. as there is equity in the property, there are chances that all the three lenders might be ready for a deed in lieu of foreclosure. after the sale of the property, the money received will be divided amongst the three lenders.
sussane
welcome to forums!
as far as i know, all the three lenders will have to agree to the deed in lieu of foreclosure. as there is equity in the property, there are chances that all the three lenders might be ready for a deed in lieu of foreclosure. after the sale of the property, the money received will be divided amongst the three lenders.
sussane
