Posted on: 09th Mar, 2010 05:44 am
Can I call my mortgage and tell them we'll be out in 60 days if they just take the deed?
Hi Lou,
If you want to give up your house, you can do a deed in lieu of foreclosure to sign over the ownership to the mortgage company. This way, you can avoid a foreclosure as well as a deficiency judgment as in most deed in lieu cases lenders do not come after you for the deficiency.
If you want to give up your house, you can do a deed in lieu of foreclosure to sign over the ownership to the mortgage company. This way, you can avoid a foreclosure as well as a deficiency judgment as in most deed in lieu cases lenders do not come after you for the deficiency.