Posted on: 15th Jul, 2009 02:03 pm
I would like to do a 'deed in lieu' for a property in Houston. Will the lender try to get the balance from me? Should I move my assets out of my financial institution so they cannot go after it?
I have somewhat the same question. I am current on payments, but lost my job in Oregon. There is no other employment along my profession in the area so I must move to another state.
I am looking at a DIL since my neighborhood as 43 other similar homes for sale and my home value is in the tank so a short sale isn't a practical idea at this point. My home value is down approx 25% of what I owe on the house.
I am looking at a DIL since my neighborhood as 43 other similar homes for sale and my home value is in the tank so a short sale isn't a practical idea at this point. My home value is down approx 25% of what I owe on the house.
Hi!
Welcome to forums!
To Guest,
In the process of deed in lieu, the lender will take away the property and sell it off to recover his dues. But the deficient amount which results from the sale of the property will be forgiven by the lender. The lender will not go after your other properties or place a lien on them.
To Guest (lost in Oregon),
You'll have to write a hardship letter and inform about your financial situation to the lender. The lender will judge your situation and then decide whether or not he would accept your request. However, as I've mentioned earlier, if the lender accepts your deed in lieu foreclosure request, then you would not be liable for any deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To Guest,
In the process of deed in lieu, the lender will take away the property and sell it off to recover his dues. But the deficient amount which results from the sale of the property will be forgiven by the lender. The lender will not go after your other properties or place a lien on them.
To Guest (lost in Oregon),
You'll have to write a hardship letter and inform about your financial situation to the lender. The lender will judge your situation and then decide whether or not he would accept your request. However, as I've mentioned earlier, if the lender accepts your deed in lieu foreclosure request, then you would not be liable for any deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane