how do you get your lender to approve your deed of lieu

Hi Guest,

The lender will approve your deed in lieu depending upon your financial situation. If the lender feels that you have enough money to pay off the debts, he would not agree to approve your deed in lieu. However, if you are unable to pay the debts and submit proper documents in favor of that, then the lender will accept your request.

Thanks

Hi,

What mean of deed of lieu ?

Please Give some information to grow my knowledge.

Thanks.

Hi Gunz,

Deed in lieu is one of the ways to save yourself from foreclosure. When you are delinquent on your mortgage payments, you can apply for a deed in lieu with your lender. The lender will judge your financial situation to find out if you are really unable to pay the mortgage. If the lender is convinced that you won't be able to pay off the dues, then he would accept your request.

A deed in lieu of foreclosure will ruin your credit score by around 250 points and it would remain on your credit report for 7 years. However, the lender would not be able to sue you for the deficient amount.

Take care.