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deed in liew of foreclosure

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mantolini1 Joined: 04 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Fri Jun 04, 2010 3:34 pm    Post subject: deed in liew of foreclosure Like 0 Dislike 0 The bank disqualified my loan modification for a rental house in Florida due to my income. I asked for a deed in liew of foreclosure and they said I cannot request that at this time since the house is still not in foreclosure. Is that correct?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Fri Jun 04, 2010 9:03 pm    Post subject: Like 0 Dislike 0 Hi mantolini, Unless you've defaulted your mortgage dues, the lender will not consider you for the deed in lieu of foreclosure. Once you've defaulted on your mortgage payments and the lender has started the foreclosure proceedings, then you can apply for a deed in lieu of foreclosure and get it accepted by the lender. Thanks

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