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trav · Joined: 26 Apr 2009 Posts: 1 1.27 Dollars($)

we sold business property and carried the note buyer cant pay

jenkin7 · Posted: Sun Apr 26, 2009 11:32 pm Post subject:

Hi trav,

If you cannot afford the property, you can go for a deed in lieu of foreclosure. It will affect your credit, but will be less damaging than a regular foreclosure.

Guest

we are wanting to get out of current mortgage, but are upside down...if we turn the house back over to the bank..who pays the difference when the bank sells it

savior70 · Posted: Thu Oct 29, 2009 3:26 am Post subject:

Hi kimmy,

You can give the property back to the lender through a deed in lieu of foreclosure. But you will remain responsible for the full amount of the loan. If the house is sold for less than what is owed on it, you will be liable for the deficiency. You can negotiate with the mortgage company and request them to forgive the deficiency. Since you are deliberately signing over the property to them, they may cancel the deficiency. If they agree to forgive the deficiency, make sure they do it in writing.

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is deed in liue of foreclosure the way to go