Compare Mortgage Quotes

Guest

Hello, we have our 2nd home - 1st mortgage of $ 220,000 - house is only value at $ 160,000 - we need out from mortgage payment - bank refuses to modify loan with better interest - currently 7.5% --
we want to do a deed in lieu and walk away - can the bank come after my other assets if I do this. Currently residing in Montana - or are there other options

jameshogg · Posted: Thu Sep 30, 2010 8:45 pm Post subject:

Hi Rasha,

You can apply for a deed in lieu of foreclosure in order to get rid of the property. If your lender accepts your request, then you'll be able to sell off the property and the balance dues resulting from the property sale will be forgiven. As the dues will be forgiven, the lender won't come after your other assets to recover it.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Deed in Lieu

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1