Posted on: 15th Jul, 2010 03:11 pm
How can i give my mortgage company my deed of lieu and for them not to come after me for a later balance? Can it be done without owing them anything ever?
welcome basketballbasketballl,
if the lender accepts your request for a deed in lieu of foreclosure, then he won't come after you for the deficient balance resulting from the sale of the property. in case of a deed in lieu of foreclosure, the balance amount is forgiven by the lender.
if the lender accepts your request for a deed in lieu of foreclosure, then he won't come after you for the deficient balance resulting from the sale of the property. in case of a deed in lieu of foreclosure, the balance amount is forgiven by the lender.
A deed in lieu of foreclosure is something that is negotiated between an owner and a lender. Whatever deal you iron out with your lender will be final, and I'm sure that Adonis' take on the matter is correct, in that once your deed in lieu is effective, your debt will be forgiven.
