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Deed in lieu

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janeen Guest 0.10 Dollars($)	Posted: Mon Jul 30, 2007 6:36 am    Post subject: Deed in lieu I am in the process of divorce and have had my home on the market for three months now. My husband left the house immediately and has not returned. When the house went on the market there was a contract on it within three weeks. I leased a place (signed a one-year lease) and moved out. The buyer's loan fell through and she backed out. The house has been back on the market since and the price has been lowere twice to the point where we will only break even. The area is flooded with homes for sales and things look really bleak. My husband has been trying to make the morgage payments but will not be able to do that any more since he will have his own rent and living expenses. We cannot continue to try to sell any longer and would like to avoid foreclosure. Is Deed in Lieu a good option for us? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Mon Jul 30, 2007 1:09 pm    Post subject: Hi Janeen, Is the mortgage still current or is in default? If you are not in a position to continue payments on your own then you can contact the mortgage company about a deed in lieu. You said about divorce. If the divorce proceedings have started then it is possible that court will instruct your husband to pay for the mortgage. Did your attorney talk about any such possibility? If chances are that court verdict will not assign the mortgage responsibility on your husband then it would be better to contact the mortgage company about a deed in lieu of foreclosure. Miller
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Tue Jul 31, 2007 2:36 am    Post subject: Hello Janeen, As your home is already listed for sale in the market, I doubt if the lender will accept deed-in-lieu. The lender may perhaps ask you to take your home from the listing and then proceed for a deed-in-lieu. Talk to the lender if he is willing to negotiate with you and offer some alternative plans.
nemerov Guest 0.10 Dollars($)	Posted: Wed Aug 15, 2007 2:33 pm    Post subject: Deed in Lieu will have negative affect on your credit score. As the loan is still current have you tried refinancing the mortgage?

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