Posted on: 14th Aug, 2008 07:26 pm
What is a deed in lieu? If the lender agrees to a deed in lieu will we have to pay the remainder of the mortgage if the lender sells the property for less than we owe? Please help!
Hi pennykandi.
I have answered you question at
http://www.mortgagefit.com/problems/deedinlieu-tax.html#57797
Please take a look at it. BTW in case of deed in lieu then lender doesn't c9ome after you for the deficiency judgment. But it will have a huge negative affect on your credit. Feel free to ask if you have any further questions.
Best of luck,
Larry
I have answered you question at
http://www.mortgagefit.com/problems/deedinlieu-tax.html#57797
Please take a look at it. BTW in case of deed in lieu then lender doesn't c9ome after you for the deficiency judgment. But it will have a huge negative affect on your credit. Feel free to ask if you have any further questions.
Best of luck,
Larry
I would say it "can" have a huge negative affect on your credit, it's not automatic. It really depends on how the lender reports it and it is possible to negotiate this with them.