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deed in lieu of with required cash contribution

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cindydaniels Joined: 05 Aug 2011 Posts: 1 1.00 Dollars($)	Posted: Fri Aug 05, 2011 5:16 pm    Post subject: deed in lieu of with required cash contribution Like 0 Dislike 0 My husband got laid off and we moved to a different state for a new job. For the last year we have been trying to sell our house via short sell, during this period, a bad winter left the house with busted water pipes. Fast forward, we are in the process of trying to do a deed in lieu of with the bank. They informed me today that we can proceed with the deed in lieu of if we pay a 1500.00 cash contribution. I don't understand why they are haggling over 1500.00. Why not take the house now and try to get it sold before another winter sets in and more damage is done to the house. We managed to secure a new house and mortgage in the new state we are living in, so we are prepared to live with bad credit for awhile. Should we let the house go into foreclosure instead of meeting their demands?
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Sun Aug 07, 2011 11:44 pm    Post subject: Like 0 Dislike 0 Welcome cindydaniels, You should contact your lender and request them to clarify why they need $1500 in order to approve a deed in lieu of foreclosure. If you're satisfied with the explanation, then you can pay them the required sum and go for the deed in lieu of foreclosure. _________________ Procrastination is the enemy of your financial success

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