deed in lieu

thu2nguyenster · Joined: 20 Aug 2008 Posts: 2 1.96 Dollars($)

My husband and I took out a loan to purchase a property in NC and another in SC. This is beside our current primary home. We rent out the NC, SC home as vacation rental. The deed have 2 other couple on it as well. They were giving me 1/3 for their share so I can pay the mortgage. However, 1 couple is now not paying because the are going into pre-foreclosure. I am now behind 3 months on NC, SC home. What should I do ? Have anyone ever dealt with Bank of America before ?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi thu2nguyenster.

Welcome to the forum.

As you are already 3 months behind on your mortgage payments, I think you should contact the lender ASAP and inform the problems that you are facing. The deed in lieu should be the last option to choose to avoid foreclosure. There are options too to avoid the foreclosure. Check out 17 ways to protect yourself from the foreclosure trap and go through the tips to avoid foreclosure. Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

Hi Larry,
Thanks for your response. I would love to be able to work out a loan mod with the lender, BOA, to only pay 2/3 ( that is my share and the other couple share ). However, my 1st approach with the bank was not successful. Loss mitigation rep say I have to get my mortgage current before they would even talk about loan mod. I want to hire someone to help negotiate for me. Do you know any good reputable loss mitigation company or lawyer that is a veteran in this area ?
Thanks,

sara · Posted: Fri Aug 22, 2008 6:16 am Post subject:

Hi Thu2nguyenster,

Perhaps your mortgage company has the policy that they'll ask their clients to get current on the loan and then allow them to go for loan modification. May be they simply want to see whether you're able to pay off the arrears.

Take Care

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