Help with In deed of lieu

cnmcqueen · Joined: 20 Feb 2008 Posts: 1 1.34 Dollars($)

hello,I have just sent in a letter to my mortgage company for a In Deed of lieu. They told me it would take them 30 days to review the in deed of lieu and let me know if it would be approved. I just received a letter from them today stating they have sent the property to their attorneys for forclosure.what are my options from here?what happens to the money owed on the home if I sent the letter in for in deed of lieu?

helping_user

Welcome cnmcqueen.

I believe the mortgage company does not want to approve you for a deed-in-lieu and that's the reason it has asked the attorney to see if it should be foreclosed. Ok but I think they should have told this earlier. And, if they have decided to file foreclosure after reviewing your case, they shouldn't have asked you to wait for 30 days for their approval for a deed-in-lieu .

You should have a direct talk with the lender requesting for a clarification. How much do you owe by the way? The money that you owe will be recovered by the lender through the foreclosure if he at all gores for it. And, if there is any remaining balance unpaid, then the lender may file a deficiency judgment (unless it's an anti-deficiency state) to get the unpaid balance from you. Or he may forgive/cancel the debt.

Thanks.

gmakerley · Posted: Thu Feb 21, 2008 7:11 am Post subject:

it seems to me that perhaps your request for deed in lieu crossed in the mails, so to speak, with the foreclosure notice.

helping makes a sound suggestion that you need to have a "direct talk with the lender" to determine what is the true situation here. i hope you have maintained good records, specifically about the deed in lieu that you have proposed. have you retained an attorney to work on your behalf? if not, do you have anyone else working on your behalf?

it is advisable that you find someone with expertise in dealing with foreclosures to stand with you in this circumstance. i hope you've already taken care of that most important measure.

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