Posted on: 28th Jun, 2009 06:11 pm
I purchased 2 parcels in the FT. Myers area (FL) for $50,000.00 each back in 2006. Now the selling price for each one is between $3500.00 and $5000.00. I can not continue paying the mortgage on the Lands as my silent partner stopped paying his share. I am about to let the bank foreclose on the properties. i would like to know if I can do a DIL with the lands instead. Can the bank garnish my wages if i let them foreclose. I am the head of household. Thanks
hi karlito,
i think you should be able to do a deed in lieu on the properties. it will be a better option for you as there are chances that the deficiency will be forgiven by the lender. in case of a regular foreclosure, you will be responsible for the deficiency. if you do not pay it off, the lender can sue you or garnish your wages. i think you need to talk with the loss mitigation department of your mortgage company and check if a deed in lieu is a possibility in your situation.
i think you should be able to do a deed in lieu on the properties. it will be a better option for you as there are chances that the deficiency will be forgiven by the lender. in case of a regular foreclosure, you will be responsible for the deficiency. if you do not pay it off, the lender can sue you or garnish your wages. i think you need to talk with the loss mitigation department of your mortgage company and check if a deed in lieu is a possibility in your situation.
detailed info is available on http://www.mortgagefit.com/loss-mitigation.html