deed in lieu of foreclosure

spydoglabs · Joined: 28 Mar 2007 Posts: 1 1.25 Dollars($)

loan in my name.my exwife appers in the title with me.my porperty is in forclosure no date yet.can she quick deed her title to me.and i the claim deed in lieu of foreclosure , i would hate to ruin her credit.can this be done.also property aquired post divorce.

Guest 0.10 Dollars($)

Yes that can be done but let me also tell you that her credit will not be affected as she is not on the loan. It will only damage your credit.

Guest 0.10 Dollars($)

Have you contacted your lender about any foreclosure prevention plan, by which your loan can be brought current?

Before offering property to lender by way of deed in lieu of foreclosure you should explore other options also which can help save your house.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

I agree with Peter, giving up property by a dil of foreclosure will also negatively affect your credit score. Though not as bad as it would be if lender forecloses.

If you have not contacted your lender about the possibility of any kind of forbearance plan then please go through this page to know more about what options you have as your loan is in default - http://www.mortgagefit.com/loss-mitigation.html

But if any such plan can not be worked out then you will have to give up your property through deed in lieu of foreclosure. In such situation you can ask your ex wife to quit claim her share of property interest to you.

BTW, I appreciate your concern for your ex wife.

Miller

helping_user · Posted: Wed Mar 28, 2007 9:18 pm Post subject:

Hi Spydoglabs,

No need to quit claim deed your wife interest on the title to your name. Since, she is not in a loan so her credit will not affect.

And I suggest try to focus on different ways of prevention from foreclosure. Talk with lender and try to find out a way if you can.

Thanks

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