Posted on: 31st Mar, 2010 10:50 am
Our bank has offered us the option of a deed in lieu but are asking for $5000 to complete the procedure. Is this usual?
hi njd,
i don't think this a usual procedure. a lender accepts a deed in lieu of foreclosure depending upon your financial situation. i haven't heard lenders asking for an upfront money from the borrowers to agree for a deed in lieu of foreclosure. you can speak to your lender and request him to cancel the upfront fees that he is charging.
take care.
i don't think this a usual procedure. a lender accepts a deed in lieu of foreclosure depending upon your financial situation. i haven't heard lenders asking for an upfront money from the borrowers to agree for a deed in lieu of foreclosure. you can speak to your lender and request him to cancel the upfront fees that he is charging.
take care.
Just to let you know, the lender has now increased the original fee by another $1900, costs that they have apparently incurred. The more I talk to them the more and more it sounds like they are just blackmailing me for as much money as they can get with the threat of the deficiency judgement hanging in the back ground all the time.