Should i file deed-in-lieu of foreclosure?

rayray2123 · Joined: 06 Apr 2008 Posts: 1 1.66 Dollars($)

I have two properties that were sold to me.. both at a price not even close to fair market value. The first one needs work but the second is uninhabital. I was screwed over big time in this process three years ago in which i have been paying month after month. One shouldve never passes the home inspection! Can i file deed-in-lieu on both properties.. one has not been rented in over a year and a half and the other one hasnt at all! What would you do? I would like to keep my credit in good standing but i also understand that DIL may hurt it for some time.

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi rayray,

Welcome to the forum.

You cannot do deed on lieu on your own. You will have to take the lender's consent for that. Does your lender agree for that?

I shall rather suggest to go for shout sale. Try to sale your property and pay off the lender. It will affect your credit lesser than deed in lieu.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 807 118.35 Dollars($)

Welcome Rayray,

Consult with your lender as soon as possible. Short sale is a better option than DIL. so go for it first. If you cannot so it then you can request your lender for DIL.

Have a look at "17 ways to protect yourself from the foreclosure trap" at http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Let me know if you have any more questions.

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