Can a bank make you pay the difference between the sale price and the amount owed in a dee in lieu situation? - Mortgagefit

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Can a bank make you pay the difference between the sale price and the amount owed in a dee in lieu situation?

We have been trying to sell our home for almost 2 years, with no luck. We asked the bank to take a deed in lieu, which they will do but they want us to make up the difference between the sale price and the mortgage owed. Is this normal? We would still be under water, wouldnt't we? Why not just let it go to foreclosure? Thanks

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jflo4355's picture

jflo4355
29-10-2011

1 Answers

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Hi jflo, In case of a deed in lieu of foreclosure, the lender can't ask you to pay the deficient balance resulting from the sale of the property. The deficient balance is forgiven by the lender in case of a deed in lieu of foreclosure.

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adonis | Asked on 2011-10-30

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