Posted on: 26th Apr, 2010 03:39 pm
I was wondering about the deed in lieu we have had our house on the market for 159 days with no luck. we owe more on the house than it's worth, house in the development where we live houses that have more square feet than our are selling for less plus there has been a lot of foreclosure. We can;t afford to pay the mortgage any more due to me losses my job and we will be moving soon out of state. We know it will hurt our credit but already have a place that we are renting to own. We called the bank but they don't want to help, what should we do.
hi nicholelynn,
a deed in lieu of foreclosure will be a good option for you to get rid of the property. it will not only help you in selling off the property, but you won't be responsible for paying the deficient balance resulting from the sale of the property. did the lender give you any reason as to why he won't accept your request for a deed in lieu of foreclosure? i would suggest you to negotiate with your lender and convince him to accept the request.
thanks
a deed in lieu of foreclosure will be a good option for you to get rid of the property. it will not only help you in selling off the property, but you won't be responsible for paying the deficient balance resulting from the sale of the property. did the lender give you any reason as to why he won't accept your request for a deed in lieu of foreclosure? i would suggest you to negotiate with your lender and convince him to accept the request.
thanks