Posted on: 30th Jun, 2009 12:48 pm
I have a rental property in MO that I owe 52,000 on. It has recently had anything that was worth a dollar amount stolen from it so is in very bad shape and would take about $20,000 just to get it back to a livable condition. How do I got about doing this Deed in Lieu with my mortgage holder? What would I be held responsible for as far as expenses are concerned. I am 69 and on unemployment which will end in a few months. After that I may be able to get a part time job to supplement my Social security that I will be living on.
Is Deed in Lieu the way for me to go?
Is Deed in Lieu the way for me to go?
Hi sreidinger,
In my opinion, you can go in for a deed in lieu. However, a lender will accept a deed in lieu only if you're delinquent on your mortgage payments. You'll have to write a hardship letter to the lender informing him about your hardship and financial crisis. The lender will judge your situation and then decide whether or not he would accept your request.
In my opinion, you can go in for a deed in lieu. However, a lender will accept a deed in lieu only if you're delinquent on your mortgage payments. You'll have to write a hardship letter to the lender informing him about your hardship and financial crisis. The lender will judge your situation and then decide whether or not he would accept your request.
Hi sreidinger,
Welcome to our forum.
Loan modification is the always better option than Deed of lieu.
But after thinking your situation have to request for deed of lieu to your lender. Request him to sign legal documents called as deed of lieu to avoid foreclosure. Your lender will agree for that & tell him your actual situation. He will definitely help you.
Thanks & Regards.
gunz.ijjistaff :D
____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
Loan modification is the always better option than Deed of lieu.
But after thinking your situation have to request for deed of lieu to your lender. Request him to sign legal documents called as deed of lieu to avoid foreclosure. Your lender will agree for that & tell him your actual situation. He will definitely help you.
Thanks & Regards.
gunz.ijjistaff :D
____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
