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skillscamp · Joined: 05 Jan 2010 Posts: 1 1.33 Dollars($)

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What are the effects of Deed of Lieu on a land in Florida when I have a home of my own in the same State.? Can I Deed of Lieu the land and still have my home? I 'm current in my home payments and I will be a month behind in my land payments. I can't afford the balloon loan, taxes and community dues.

smithsussane · Posted: Tue Jan 05, 2010 10:43 pm Post subject:

Hi skillscamp!

Welcome to forums!

Once the deed in lieu of foreclosure is complete, the lender will forgive the deficient amount resulting from the sale of the land. Thus, the lender will not place a lien on your home or any other property. However, your credit report will get a hit and your credit score would go down by 250 points.

Feel free to ask if you've further queries.

Sussane

Guest

I have not being late on my payments and with a boloon loan it does not make sense to barely pay for just land. I am behind the association dues and for sure on time on the taxes. On my home I'm on time with the mortgage and bills. What is cost that I need to have in order to move on with the deed in lieu of foreclosure?
Thanks,
Jorge

jameshogg · Posted: Wed Jan 06, 2010 11:32 pm Post subject:

Hi Jorge,

The cost of deed in lieu may vary from lender to lender. You should contact your lender and apply for a deed in lieu of foreclosure. He will let you know how much it will cost you.

Thanks

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Affects of Deed of Lieu