Posted on: 20th Sep, 2010 05:11 pm
I am behind 2 months on my mortgage payments have been struggling all year to make them as my husband first got reduced hours then went back to full time but he went from salary to hourly which means paycut $400 a month short, finally has caught us with us and with the rest of the bills are unable to keep making mortgage payments, our house has been up for sale 3 weeks now with no offers, the market is slow right now. i was wondering if a deed in lieu would work for us as we can no longer make payments and do not intend on staying in house, we have another property that is paid off so we have a place to live. I was told that our house had to be on the market for 3 months before we could do a deed in lieu. I dont want to foreclose would deed in lieu be better Any help would be appreciated i dont know what to do. thanks
Welcome truskowski,
You can apply for a deed in lieu of foreclosure if you don't want to live in the property any longer. However, the lender may accept your request only if you're delinquent on your mortgage payments. You'll have to list the property in the market for 3 months and you'll have to check whether or not you get buyers for your property.
You can apply for a deed in lieu of foreclosure if you don't want to live in the property any longer. However, the lender may accept your request only if you're delinquent on your mortgage payments. You'll have to list the property in the market for 3 months and you'll have to check whether or not you get buyers for your property.