Posted on: 19th Jul, 2010 06:53 am
Hello, my home was completely submerged in water and I am using my flood insurance benefits to get the home repaired so I can move back in. But infortunately, I recently learned that more has set up in the beams and rafters and that has to be treated before any more work can be done to repair the house. I don't think I want to keep the house because I would be too afraid to live in it after the work is done. A friend was telling me about how to get out from under it by giving the property back with deed in lieu....what do you think? thanks BeCe
you can give back the property to the lender with the help of a deed in lieu of foreclosure. however, the lender will accept your request only if you're delinquent on your mortgage payment. also, a deed in lieu of foreclosure will have negative affects on your credit report and will reduce your credit score by 250 points.