Posted on: 13th Jul, 2011 11:57 am
A property was transferred to us thru a QCD. The loan remained with the Grantor but we made mortgage payments for the past 3 years and made renovations on the property. We, unfortunately cannot afford to make payments anymore and would like to give it back to the bank in lieu of foreclosure. What's the best thing to do to handle this dilemna? Can we do a "deed-in-lieu" if we're not in the note? Or, will the bank talk to us if we're not in the loan?
If you are not on the loan, the lender will not work with you. A deed in lieu would have to be initiated by the mortgagor. Talk to the responsible party and see if they will cooperate. Good luck