deed in lieu

kjp_carpediem · Joined: 11 Oct 2007 Posts: 1 1.80 Dollars($)

My mother and I bought a house two years ago as tenants in common. Shortly after that, my income was drastically cut and I have struggled to make the payments. The house went into foreclosure but with the help of HUD we worked out a forebearance plan in hopes of selling the home quickly. The house has been listed at the pay-off amount without a single interested party. In another month or two, we will be right back into the foreclosure process. I would like to try doing a deed in lieu but am unclear on the ramifications of this to myself as well as my mother, and don't know if that is even possible since technically I am still participating in a forebearance plan. One or two more payments are about as much as I will be able to do - any ideas??!

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Kip,

You can think of doing a deed in lieu of foreclosure. It will definitely affect your credit but it has less negative impact than foreclosure.

Guest 0.10 Dollars($)

Hi Kip,
It is far better for you to go for deed in lieu rather than going for foreclosure. If you can't pay the interest, go for the deed in lieu as it will help you to your credit effects and the lender can not ask you for the deficiency judgment.

liaoyu03 · Joined: 09 Sep 2007 Posts: 175 4.75 Dollars($)

The deed in lieu is better than foreclosure for you. and the deed in lieu can less destroy your credit.

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

Hi Kip,
I think you should go for deed in lieu. If you are in financial crisis, just talk to the lender and go for deed in lieu and stop foreclosure planning; it will save your credit report.

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