Posted on: 21st Jan, 2011 12:07 pm
I have an interest only mortgage and upside down. I am unemployed and cannot make the payments. The house is now worth about $150k less than the principle owed. I'm thinking about just walking away and letting it go. I also own another property that my daughter lives in and I have some money put away in a savings account. Is a Deed In Lieu the way to go? Will they want to take my other property and savings?
Hi akaplumb,
As you're facing hardship in paying off the mortgage dues, you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, he will forgive the deficient balance resulting from the property sale. Thus, the lender won't be able to come after your other properties to recover his dues.
Thanks
As you're facing hardship in paying off the mortgage dues, you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, he will forgive the deficient balance resulting from the property sale. Thus, the lender won't be able to come after your other properties to recover his dues.
Thanks