deed in lieu

elakea118 · Joined: 26 Dec 2008 Posts: 1 1.63 Dollars($)

I left my home 3 months ago,because I had a threat on my life.I'm not able to return to the property,because I fear for my life.I have filed all paper work for protection with the courts.I've contacted my mortgage company and sent a written request with details and documents of the above incident.My home has been listed on the market for 2 months without any luck.I keep in touch with the mortgage company regularly.And appraisal was done on the home 12/22/08.How long does this process take(state of Michigan)?

Niicss · Posted: Mon Dec 29, 2008 1:34 am Post subject:

Hi elakea

Once the mortgage company accepts a deed in lieu, you will have to give the property to the lender who will give you a mortgage release certificate. The lender will then try to sell off the property in the market. This selling of the property may take some time keeping in mind the market situation. Normally a deed in lieu takes 90 days to complete after it starts off.

Thanks

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