Posted on: 25th Jul, 2009 12:04 pm
If a mortgage company gets the right to foreclose on a property, can the borrower still apply for a deed in lieu BEFORE the auction date? In Wisconsin, it's usually 3-6 months before you have to vacate the property for auction and foreclosure to be official.
Yes Med, you can definitely apply for a deed in lieu though your lender is planning to foreclose the property. You should write a hardship letter to the lender and inform him about your hardship. The lender will judge your situation depending upon your letter and then decide whether or not he would accept your request.