Posted on: 04th Oct, 2009 12:28 pm
I have 5 rental houses that have tanked. don't have renters and can't pay the loans. There is a first and second on each. One of homes is due for a sherrifs sale Nov 24. Can I still pursue a deed a in lieu of forclosure on that one? The others have not gotten that far yet. What happens to the seconds? Can they come after me for a deficiency judjment. Any advice???
When you have two lenders then deed in lieu is really diffcult. Sine both the lenders need to agree for the deed in leieu and who gets whats will be really hard to answer
You cna still try, but they may not consider it due to the fact that ti is already ready for auction
You cna still try, but they may not consider it due to the fact that ti is already ready for auction
The first and seconds are both with BOA
it is very good that both are offered by same lender. you are from which state?
Property rules differ from state to state.
Property rules differ from state to state.
To hartlage,
It could be difficult for you to do a deed in lieu on the rental house which is scheduled to be auctioned on Nov. 24. But you can surely request your lender to do deed in lieu on the other rental properties. There are two possibilities after the deed in lieu. The lender may either come after you for the deficiency or may forgive the deficient amount. Nevertheless, they will never be able to come after your primary residence just because you foreclosed on your rental houses.
It could be difficult for you to do a deed in lieu on the rental house which is scheduled to be auctioned on Nov. 24. But you can surely request your lender to do deed in lieu on the other rental properties. There are two possibilities after the deed in lieu. The lender may either come after you for the deficiency or may forgive the deficient amount. Nevertheless, they will never be able to come after your primary residence just because you foreclosed on your rental houses.