Posted on: 09th Oct, 2008 10:03 pm
i have a relative that no longer can pay on her house. she is on ss and is disabled, her mother died and that income died. without the mothers income she is no longer able to pay. she has used up her savings. we found out resently.
i know how to make a deed in lieu of foreclosure and the warranty deed and i am able to recorded at the county recorders office.
my question is? can we just deed the property in lieu of foreclosure
to the lender without the lenders acceptance?
once the property is transfered, doesn't the property become the lenders property regardless if they accept it or not?
the resson i ask is that the lender person we talked with, was not very cooperative and she was pretty much frustrated and not to freindly. she was having a bad day and she unloaded on us.
please advice!
would that work?
"anthonyhhv@hotmail.com"
[size=9:214461a8dc][color=red:214461a8dc][email address deactivated as per forum rules. thanks.][/color:214461a8dc][/size:214461a8dc]
i know how to make a deed in lieu of foreclosure and the warranty deed and i am able to recorded at the county recorders office.
my question is? can we just deed the property in lieu of foreclosure
to the lender without the lenders acceptance?
once the property is transfered, doesn't the property become the lenders property regardless if they accept it or not?
the resson i ask is that the lender person we talked with, was not very cooperative and she was pretty much frustrated and not to freindly. she was having a bad day and she unloaded on us.
please advice!
would that work?
"anthonyhhv@hotmail.com"
[size=9:214461a8dc][color=red:214461a8dc][email address deactivated as per forum rules. thanks.][/color:214461a8dc][/size:214461a8dc]
Hi Anthony!
By a deed in lieu foreclosure, the property will be transferred to the lender. If the lender does not accept the property, then there will be no validity of the deed. You can speak to the lender once again and try to convince her about your relative's situation. I hope she will understand. If she doesn't, then I am afraid, the property will go into foreclosure.
Feel free to ask if you have further queries.
Sussane
By a deed in lieu foreclosure, the property will be transferred to the lender. If the lender does not accept the property, then there will be no validity of the deed. You can speak to the lender once again and try to convince her about your relative's situation. I hope she will understand. If she doesn't, then I am afraid, the property will go into foreclosure.
Feel free to ask if you have further queries.
Sussane
anthony, the lender who holds the mortgage on this property also holds the chips. that is to say, that you cannot simply sign over a deed to the bank without negotiation.
as for the person you spoke with, there is no excuse for rudeness in any endeavor. however, you need to take that up with a higher authority within that organization. i'm quite sure that behavior is not condoned within the lending institution.
you'll need to negotiate with the lender to resolve this issue. simply dropping off the keys to the house and signing a deed will not do the trick.
as for the person you spoke with, there is no excuse for rudeness in any endeavor. however, you need to take that up with a higher authority within that organization. i'm quite sure that behavior is not condoned within the lending institution.
you'll need to negotiate with the lender to resolve this issue. simply dropping off the keys to the house and signing a deed will not do the trick.
