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We have a second home that was once our primary residence until hurricane Ike forced us to move that we have been trying to sell for over 2 years. We bought the home we are currently in and since the second home won't sell we are thinking about a deed in lieu. We are current on the loan but it is starting to really take a major part of our income. We tried to refinance but the appraisal came back less than we owe and we couldn't refinance. Reading some of you comments it is up to the lender if you can do a deed in lieu but what if we just stop paying if they refuse to let us do a deed in lieu. Either way we are going to probably let this house go and take our chances on our credit. We are retirement age and I don't intend on moving. We have our cars paid off with a 401k and a pension that I don't want to use up paying for a dark hole. Any suggestions.
Thanks in Texas

smithsussane · Posted: Thu Aug 25, 2011 10:00 pm Post subject:

Hi cww!

Welcome to forums!

You should remember that it will be always the lender's discretion whether or not he will consider your request for a deed in lieu of foreclosure. Once you're delinquent on your payments, you should immediately contact them and apply for it. The lender will check your financial situation and let you know whether or not he will consider your request.

Feel free to ask if you've further queries.

Sussane

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