Posted on: 19th Aug, 2010 07:33 pm
I am in the process of getting divorced. My husband wants to try to keep the house even though the mortgage company recently told us we could option for a Deed in Lieu or Quick Sale on our home (on July 30). My mother passed away in May 2010 and I last week received my inheritance. Could the mortgage company sieze this now?
Hi terrbear,
If the property is sold off through a deed in lieu of foreclosure, then the deficient balance is forgiven by the lender. In that case, your inheritance is safe. The lender won't come after it.
If the property is sold off through a deed in lieu of foreclosure, then the deficient balance is forgiven by the lender. In that case, your inheritance is safe. The lender won't come after it.