Posted on: 23rd Feb, 2009 08:35 pm
Can you use this on a vacant residential lot that was bought to build on but I cannot keep up with the payments. I have been trying to sell the lot for over 2 years and not even a nibble. My interest only loan is expiring and the bank now wants to do an 80% loan on less than I owe at a high interest rate. The 20% and the resultant difference in what I owe and the new loan is totally not affordable.
Hi keyfla,
You will have to contact your lender and write a hardship letter to apply for a deed in lieu. If the lender is convinced with your hardship, he can accept your deed in lieu request. Then he will inform you what steps you need to take next.
Thanks.
You will have to contact your lender and write a hardship letter to apply for a deed in lieu. If the lender is convinced with your hardship, he can accept your deed in lieu request. Then he will inform you what steps you need to take next.
Thanks.