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Deed N Lieu

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zanzi Joined: 18 Sep 2010 Posts: 1 1.31 Dollars($)	Posted: Sat Sep 18, 2010 11:19 pm    Post subject: Deed N Lieu Like 0 Dislike 0 I just did a deed N lieu on my property. I was the only one signing the loan doc's and paperwork. Will my husband become responible for the Deed n Lieu as well. The payment history never showed up on his credit report, but I noticed that when the Morg. Co, Attorney sent the paper work out they insisted he sign the deed in lieu paperwork as well. In california under community property. He is on the deed, but note the loan. Thanks AZ
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Sep 19, 2010 4:11 am    Post subject: Like 0 Dislike 0 Hi zanzi, Welcome to mortgagefit, You mentioned that 'He is on the deed, but note the loan.' so while signing the documents for DIL he has to sign the property over to lender and thus as he being on the deed, his signatories are mandatory. As he is not on the mortgage all the bad effects of DIL will not be applicable to him.(drop in credit score,availability of new home loan.) Basic meaning of deed in lieu is that you are unable to pay the money to lender and thus you are handing over your property to lender and in lieu of that you are forgiven the remaining debt. Feel free to ask any further query. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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