Posted on: 15th Jun, 2010 08:21 am
as our mortgage is under water of $40 k, we decided not to carry out making payments since feb 10. our home is foreclosed now. we tried to sell it last year for 6 months and did not get a single offer. we want to leave the country very soon. we no longer want to own this place and were told that we can execute a deed in lieu of foreclosure with my bank. my husband spoke to the bank to ask them to do that. they are sending us a request for liquidation? what is this about? can somebody advise? thanks.
Hi corinnegentil,
If your home is already foreclosed, then you can't apply for a deed in lieu of foreclosure again. In a foreclosure sale, the property is sold off by the lender in order to recover the dues. As far as I can understand, request of liquidation means that your property will be sold off in order to recover the dues.
Thanks
If your home is already foreclosed, then you can't apply for a deed in lieu of foreclosure again. In a foreclosure sale, the property is sold off by the lender in order to recover the dues. As far as I can understand, request of liquidation means that your property will be sold off in order to recover the dues.
Thanks