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Is there any type of deed-in-lieu etc that would allow for the protection of equity? I know someone who has alot of equity in their home but is up against foreclosure. Due to employment, credit issues and a soft RE market is unable to borrower against the home's equity.

Is there any arrangement that can be made that the lienholder, takes the home, and when the lienholder gets it sold, takes the principal, interest and fees due and refunds the remaining equity to the homeowner?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

That would look liek a fraud, if that person is in foreclosure.

If the house has equity, when the lender takes the home and they are able to sell it, after taking their money the rest will be paid back to the borrower. But the all the lenders will be paid first before he or she gets the equity money.

smckaybiz · Posted: Tue May 05, 2009 6:44 pm Post subject:

Hello Mark,

Could you be a bit more specific? What is the home worth and how much equity does he have?

The main problem with letting it go back to the bank is they very well may just auction the home and then who knows what your friend will get. Why don't they just put it on the market for way lower than what it's worth. If there is a lot of equity than your friend may be able to still profit from it. Where as if you leave it up to the bank you just never know what you'll get.

Good luck!

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Scott that was a good suggestion.

Mark is there a reason your friend cannot sell the house?

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