Posted on: 30th Nov, 2009 12:21 pm
I own a condo in Florida as an investment property and I can no longer afford the carrying costs. I would like to look into a "deed in lieu". What is the recommended course of action for initiating this process and doing it correctly. Should I retain a real estate attorney?
Call your Lender, explain your situation and ask if they'll accept it. Tell them they'll have to foreclosure if they don't.
hi jpstocks,
you do not need to retain a real estate attorney to do a deed in lieu. you can simply talk with the loss mitigation department of the mortgage company. they will tell you the process as to how you can sign over the property to them and do the deed in lieu of foreclosure. you can also write them a hardship letter stating the financial difficulties you are facing and why you need to do the deed in lieu.
you do not need to retain a real estate attorney to do a deed in lieu. you can simply talk with the loss mitigation department of the mortgage company. they will tell you the process as to how you can sign over the property to them and do the deed in lieu of foreclosure. you can also write them a hardship letter stating the financial difficulties you are facing and why you need to do the deed in lieu.
