Posted on: 29th May, 2009 12:52 pm
I bought a piece of land 4 years ago for 160K and took a bank loan of 144K. I had bought this in partership with a friend who wanted to buy the land for himself eventually.
But because of his bad credit, the paperwork is on my name.
At this point because of his financial problems I have been paying the interest only mortgage myself.
I DO NOT own any other home, I live in an apartment.
I would like to know if I can apply for deed in lieu? I am ready to take a credit hit but my question is would the bank agree to this?
Any advice would be greatly appreciated.
But because of his bad credit, the paperwork is on my name.
At this point because of his financial problems I have been paying the interest only mortgage myself.
I DO NOT own any other home, I live in an apartment.
I would like to know if I can apply for deed in lieu? I am ready to take a credit hit but my question is would the bank agree to this?
Any advice would be greatly appreciated.
You can probably take Deed in lieu, but it will depend on bank if they accept the deed in lieu or not.
Thanks for answering, but is there a procedure that I need to follow and have the bank involved? Please let me know, every month I am spending 900$ on this land.
venupola
Call your bank and explain the situation. Tell them you are lookign to give them a 'deed in Lieu".
That would be a good start.
Good luck and feel free to ask.
Call your bank and explain the situation. Tell them you are lookign to give them a 'deed in Lieu".
That would be a good start.
Good luck and feel free to ask.