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I currently co own a 4 bedroom home in redford michigan, i no longer resid in the home but the co - owner does and she has been paying the mortgage solely by herself. We are looking to sale the home so we both can purchase home seperately. Should we consider a deed n Lieu? The credit union has rejected a loan modification and neither of us can afford the mortagage at this time.

smithsussane · Posted: Tue Oct 05, 2010 12:42 am Post subject:

Hi Mill!

Welcome to forums!

You can contact the credit union and apply for a deed in lieu of foreclosure. The credit union will consider your request if you have already defaulted your mortgage payments. However, you should note that this will have a negative affect on your credit score and will lower it by 250 points.

Feel free to ask if you've further queries.

Sussane

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