Posted on: 09th Feb, 2010 07:21 pm
Is it up to the bank to accept a deed in lieu, or is it just a friendly way of doing forclosure? Also, if we chose to do a deed in lieu, would it be almost immediate, or would we get more time if we did a forclosure?
Hi mc,
You can request your lender to allow you to do a deed in lieu. But it is completely up to the lender if he would accept it. A deed in lieu is a better option than a foreclosure on your credit. A deed in lieu is not a lengthy process and it should not take too much of time. On the other hand, if it's a judicial foreclosure, it does take some time to complete the entire process.
You can request your lender to allow you to do a deed in lieu. But it is completely up to the lender if he would accept it. A deed in lieu is a better option than a foreclosure on your credit. A deed in lieu is not a lengthy process and it should not take too much of time. On the other hand, if it's a judicial foreclosure, it does take some time to complete the entire process.
>>Is it up to the bank to accept a deed in lieu
Yes, and most of the time they're going to say "no", because it's not in their best interest.
Yes, and most of the time they're going to say "no", because it's not in their best interest.
