Posted on: 03rd Feb, 2011 07:52 pm
We have a rental property in California. We had been paying part of the mortgage as the rent had been negative for years. We bought the property in 2004 and the appraised value is now back to the price when we bought it due to the real state crash. Is it possible for us to do a DIL? We just want to get rid of the property to relieve us of the extra payments that we are paying out of our own pocket. I am not worried of the credit standing since at our age, (50's) we have no plans on getting any more loans as we have saved enough for emergency.
Hi Gabby,
If you're facing hardship in paying off the mortgage payments and if you're already delinquent on your payments, then you can apply for a deed in lieu of foreclosure in order to get rid of the property.
Thanks
If you're facing hardship in paying off the mortgage payments and if you're already delinquent on your payments, then you can apply for a deed in lieu of foreclosure in order to get rid of the property.
Thanks
If you want to voluntary give the property back and have no interest in the keeping the property you can try to apply for a deed in lieu however, some lenders do require you to try to sell the property first. However, under the HAFA government program Home Affordable Foreclosure Alternative program you may be able to just go for a deed in lieu. See the website Making Home Affordable.gov.