Posted on: 18th Jun, 2010 09:15 pm
I have owned improved lots,(2) for 5 years. Put $28K down and have paid interest only for 60 months. ($1K/mo) We have stopped paymts this month and would like to know about giving the lots back to the lender. ($185K balance) Have you handled or found any relief programs for improved land in a sub-division that hasn't sold any lots for 2.5 years and see no sales in the furture. I would like to do a "deed in lieu of" at this point.
hi sail,
if you are delinquent on your mortgage payments, then you should apply for a deed in lieu of foreclosure in order to get rid of your properties. however, it would be completely the lender's discretion whether or not he would consider your request. you should write a hardship letter to your lender and apply for a deed in lieu of foreclosure. if the lender is convinced about your financial situation, your request will be accepted.
thanks
if you are delinquent on your mortgage payments, then you should apply for a deed in lieu of foreclosure in order to get rid of your properties. however, it would be completely the lender's discretion whether or not he would consider your request. you should write a hardship letter to your lender and apply for a deed in lieu of foreclosure. if the lender is convinced about your financial situation, your request will be accepted.
thanks