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We can no longer live together in the same house. We have never defaulted on any payments and both have outstanding credit. We can afford it but just don't want it anymore. We built the home new about 4 years ago. It initially appraised at 20% over what we closed on it for. Today with the economy being the way it is, I don't think we can get 75% of what we owe. There are million dollar homes in the area selling for half their original value. I can't see anyone paying for our home to settle our balance. We cannot afford to juggle this morgage and the costs to live in another location. Is this our best option?

Niicss · Posted: Mon Feb 07, 2011 2:43 am Post subject:

You can contact your lender and apply for a deed in lieu of foreclosure. However, the lender will consider your request only if you're facing severe financial hardship.

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My husband and I divorced and want to consider a deed in lieu of forclosure. Who do we go to first to begin the process (bank, attorney)?

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