Posted on: 09th Jun, 2011 08:07 am
Did a deed and lieu for my mobile home which included the land approx a year ago. Orginally the land was purchased out right but later refinanced and included the land
With a deed in lieu, you've relinquished all rights to the property. There would be no equity available to distribute to you.
Hi roscellap,
I agree with what George has said. When you go for a deed in lieu of foreclosure, you actually surrender the property as a whole to the lender. The lender will sell off the property and recover the debts. He may not be liable for paying you anything.
Thanks
I agree with what George has said. When you go for a deed in lieu of foreclosure, you actually surrender the property as a whole to the lender. The lender will sell off the property and recover the debts. He may not be liable for paying you anything.
Thanks
