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digibby2 · Joined: 11 May 2009 Posts: 2 1.61 Dollars($)

If a Deed in Leu is used for a Colorado property can the mortage company pursue assets of owners not...If a Deed in Leu is used for a Colorado property can the mortage company pursue assets of owners not in Colorado?
1st is through Chase and a Second through Countrywide do I need need both to agree to a Deed in Leu?

jameshogg · Posted: Mon May 11, 2009 8:15 pm Post subject:

Hi digibby,

It would be better if you could make both the lenders agree on a deed in lieu. However, in most cases, the second lender does not get ready for a deed in lieu though the first lender is ready.

If your first lenders agrees to it and goes for a deed in lieu, you will still be liable for paying the second mortgage dues. The first lender will not sue you for the deficient amount but if you cannot pay the second lender, he can place liens on your property.

Thanks

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