Posted on: 05th May, 2009 01:07 pm
I bought some land as an investment 2 years ago. In that time, the value of has decreased over 30% with no signs of recovery anytime soon. During this same time, my income has gone down substantially and I can no longer afford the monthly payment. I would really like to get out of this investment. I believe my only options are a deed in lieu of forclosure or a short sale. How do I start this process. Do I need a lawyer? Thanks.
Call your current lender and exaplin them the situation and tell them you are looking for deed in lieu.
Firts place to start.
Firts place to start.
Hi jpaz!
Welcome to forums!
You will have to write a hardship letter to the lender. You should inform the lender about your financial hardship and give documents relating to that. The lender will check the documents and judge your financial situation. Based on that, he may or may not agree to grant your request.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You will have to write a hardship letter to the lender. You should inform the lender about your financial hardship and give documents relating to that. The lender will check the documents and judge your financial situation. Based on that, he may or may not agree to grant your request.
Feel free to ask if you have further queries.
Sussane