Posted on: 20th Oct, 2009 05:25 pm
hi, i am going to let my rental property go, hopefully deed in lieu of foreclosure. i am not late on payments yet, but i don't plan on paying next months payment, should i call the bank before i go into default? and if so, what do i tell them? i am not looking for a payment restructure and i do not want to keep this home. thanks
Hi unclebuck,
Lenders do not accept a deed in lieu of foreclosure option unless you are delinquent on your mortgage payments. So, in my opinion, it would be a better option to contact your lender about a deed in lieu of foreclosure after you default on your loan payments.
Thanks
Lenders do not accept a deed in lieu of foreclosure option unless you are delinquent on your mortgage payments. So, in my opinion, it would be a better option to contact your lender about a deed in lieu of foreclosure after you default on your loan payments.
Thanks
Why not try to sell the home instead of hurting your credit?