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calhupp · Joined: 09 Jul 2008 Posts: 1 1.30 Dollars($)

Can you enter into a Deed in Leiu of Foreclosure on a second home or rental property?

Home's value at purchase: 440,000
Homes current value: 279,000
Our Current Mortgage: 371,000

laphillips

The best one to answer this question is your lender since unless they agree the question is moot.

Are you thinking DIL because your sale date is fast approaching? Have you talked to the lender about what options you may have?

What state are you located in? I ask because just yesterday new legislature was signed concerning foreclosure properties in California.

Niicss · Posted: Thu Jul 10, 2008 3:48 am Post subject:

Welcome calhupp.

You should talk with the mortgage company ASAP and inform them your situation. BTW can you afford the payments? Just because the property value has decreased you should not walk out of it. The situation will improve. If you can afford the payments then you should not walk away from the property.

cliff3 · Posted: Thu Jul 10, 2008 5:17 am Post subject:

Hello Calhupp,

There are certain eligibility requirements at
http://www.mortgagefit.com/problems/dil-pmi.html#59364 that you must meet, before your lender will even entertain the option to accept a Deed in Lieu from you.

Please let us know if you have other questions still. We are glad to continue helping.

Good luck.

[Post edited as per forum rules. Thanks.]

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