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lundrwd71 · Joined: 17 Jun 2010 Posts: 1 1.00 Dollars($)

My mortgage is current but it has been a strain since divorce plus I don't want to remain where I am. I am moving out of state back to where my family is. I was not going to make my payment at the end of this month but I have had so many people talking to me I want to get the facts.
If the lender does not agree to this can they come after me for the remaining balance? I have also been told by someone I should sale the appliances for money because they are considered mine, not fixtures or part of the house.

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

You should contact your lender for a deed in lieu of foreclosure. You may contact an attorney for a deed in lieu of foreclosure, but remember an attorney is an unnecessary additional expense you can easily do without. You can contact your lender and they will tell you exactly what your need to do to get a deed in lieu of foreclosure.

A lender will want you to list the property for sale for at least 60 days with no luck selling it first. Once it is not sold after 60 days on the market and you can prove that it has been listed with your listing agreement that you will get from a realtor then you can apply for a deed in lieu of foreclosure. They will review you for a deed in lieu of foreclosure and let you know whether they can approve you or not and why if you are denied. No need to pay an attorney for something that simple.

smithsussane · Posted: Thu Jun 17, 2010 8:49 pm Post subject:

Hi lundrwd!

Welcome to forums!

Your lender is the only person who can help you with a deed in lieu of foreclosure. You should inform the lender about your financial crisis by writing a hardship letter. He would he would let you know whether or not your request will be accepted. You can take the help of an attorney in order to negotiate with the lender but it's always better to negotiate with him yourself.

If the deed in lieu of foreclosure is accepted, then you won't be liable for any balance amount as the lender will forgive it. If the lender does not agree to your request and goes for a foreclosure or a short sale, then you would be liable for paying the balance dues.

Feel free to ask if you've further queries.

Sussane

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Do I need to contact my lender to try do a deed in leu of foreclosure or do I need to contact a lawyer to do this for me?