Deed in lieu of foreclosure

Guest 0.10 Dollars($)

I bought an investment property last year January. Since then, the market has taken a dive for the worst. The builder is selling the same unit $100k less than I paid for it. I had to add more than $500 a month to pay the mortgage. The mortgage has adjusted, and I don't have a tenant in there, and I cannot afford the mortgage any longer. Should I DLF the property?

livinginnky · Posted: Fri Sep 21, 2007 3:17 pm Post subject:

$100k less. WOW. I was speechless for a minute.

Where do you live?

Who did the mortgage for you? Was it the builder or an affiliated company?

Sounds a little fishy to me that a builder would get that aggressive when they just sold you your house so recently.

Were other homes priced similar to yours when you bought it?

sara

Yes Olowomade, you can go for a deed-in-lieu but or that you need to talk to the lender who has financed the purchase of your property.

Usually lenders do not agree on a deed-in-lieu because they do get the rights to seek a deficiency judgment in case the sale proceeds are not enough to cover the outstanding balance. But this would depend on what the market is like and the possible price range at which your lender can sell it off.

Take Care

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Olowomade,

If you can no longer afford the adjusted payments towards your mortgage, you can go for a deed-in-lieu of foreclosure on the property. In that case, you will have to talk to the lender if he is going to accept the deed-n-lieu or not.

liaoyu03 · Joined: 09 Sep 2007 Posts: 198 7.29 Dollars($)

yes, you can apply a deed-in-lieu of foreclosure ,but it need the agreement by the lender .

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