Posted on: 21st Jun, 2010 12:44 pm
I have a 4 unit bldg - income property, due to lack of tenants I've depleted most of my savings to make mortgage pymts. Should I go thru foreclosure, short sale, or dead-inlieu of . I owe $382K and would be willing to have someone take up the notes if possible.
Carol
Carol
hi snoddy!
welcome to forums!
you can apply for a deed in lieu of foreclosure with your lender as you're unable to pay off the mortgage dues. however, lenders generally accept the deed in lieu of foreclosure when you are already delinquent on your mortgage payments. if your request gets accepted, then you will not only be able to get rid of the property but you won't be liable for the deficient balance even.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can apply for a deed in lieu of foreclosure with your lender as you're unable to pay off the mortgage dues. however, lenders generally accept the deed in lieu of foreclosure when you are already delinquent on your mortgage payments. if your request gets accepted, then you will not only be able to get rid of the property but you won't be liable for the deficient balance even.
feel free to ask if you've further queries.
sussane