Posted on: 30th Jul, 2008 09:59 am
i would like to know if i did a deed in lieu and received money from a workers comp settlement and purchased a fixer upper for a lower amount of money can they come back against me i am behind on my payments and cant afford to keep paying this debt because i cant work and i am trying to find something priced alot lower so i will at least have a home for me and my family
Hi darkeyes.
Welcome to the forum.
Whether the lender will accept the deed in lieu or not it totally depends upon the lender. So at least inform the lender about your situation and you should first try to sale out the property to pay off the lender and if you cannot pay then you can request the lender for deed in lieu.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Whether the lender will accept the deed in lieu or not it totally depends upon the lender. So at least inform the lender about your situation and you should first try to sale out the property to pay off the lender and if you cannot pay then you can request the lender for deed in lieu.
Feel free to ask if you have any further questions.
Best of luck,
Larry
THANK YOU FOR THE INFORMATION I APPRECIATE IT VERY MUCH
You're most welcome darkey.
If your lender has accepted a deed in lieu, he will not ask for the deficiency, if any, as per the laws. But are you trying to buy a home again? I mean won't it be a bit difficult because a deed in lieu is going to tarnish your credit and as a result you won't easily get a loan to finance the purchase. Instead you can consider renting for a while till you save enough for a down payment and improve your credit to some extent.
Check out some tips to help you improve your credit .
Good luck
If your lender has accepted a deed in lieu, he will not ask for the deficiency, if any, as per the laws. But are you trying to buy a home again? I mean won't it be a bit difficult because a deed in lieu is going to tarnish your credit and as a result you won't easily get a loan to finance the purchase. Instead you can consider renting for a while till you save enough for a down payment and improve your credit to some extent.
Check out some tips to help you improve your credit .
Good luck