Posted on: 21st Feb, 2009 07:03 am
We own vacation rental property. We can no longer pay mortgage and are 3 months behind. Can we get a deed in lieu of forclosure. What happens to 3 months in arears? We have been using our savings to pay 6000$ a month mortgage and no longer have any money. Will they do a dilf?
Hi pmditrick,
As you are are already late in your payments, you should immediately contact the lender and apply for a deed in lieu. If the lender is convinced by your hardship letter, he will definitely go for a deed in lieu. In this process, the lender will forgive the deficient amount resulting from the sale of the property.
Thanks
As you are are already late in your payments, you should immediately contact the lender and apply for a deed in lieu. If the lender is convinced by your hardship letter, he will definitely go for a deed in lieu. In this process, the lender will forgive the deficient amount resulting from the sale of the property.
Thanks