Posted on: 19th Feb, 2010 05:43 pm
The bank claims y that the MI Company is requiring the $6900 contribution. If not, the bank, to whom both my 1st and 2nd mortgage is with, states they will not be able to approve a deed in lieu or short sale......and will goto foreclosure. I don't have $6900 to contribute and am very disappointed. I'd think they would want to move forward with the deed in lieu, to themselves, avoid the hassle and cost associated with foreclosure. I live 10 hours away from the home, have already purchased another, and am currently unemployed (laid off). Haven't been able to make a payment since August 2009. On the market since May 2009, no offers.
Hi jerrysmith,
I don't think this is a common thing. Lenders generally don't ask for any upfront payment before accepting a deed in lieu of foreclosure. You should let the lender know about your financial situation. Then you should negotiate with your lender and ask him to either forgive or reduce the amount.
Take care.
I don't think this is a common thing. Lenders generally don't ask for any upfront payment before accepting a deed in lieu of foreclosure. You should let the lender know about your financial situation. Then you should negotiate with your lender and ask him to either forgive or reduce the amount.
Take care.