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deed in lieu and loan modification

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Kitty

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Post Posted: Wed Aug 04, 2010 2:43 pm    Post subject: deed in lieu and loan modification
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If the foreclosure on my home is about to go through and my loan modification is not yet final, can I instead get a deed in lieu and then re-purchase my own house? I am in Massachusetts
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smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
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Post Posted: Wed Aug 04, 2010 8:56 pm    Post subject:
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Hi Kitty!

Welcome to forums!

You can apply for a deed in lieu of foreclosure in order to get rid of the property. Immediately after a deed in lieu of foreclosure, it would be difficult for you to purchase a property as you won't be able to qualify for a mortgage. Lenders will give you a mortgage 3-4 years after your deed in lieu of foreclosure filing.

Feel free to ask if you've further queries.

Sussane
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