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are un entitled to anything for equity when you do a deed and lieu

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Icon Mini Profile roscellap





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Post Posted: Thu Jun 09, 2011 8:07 am    Post subject: are un entitled to anything for equity when you do a deed an
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Did a deed and lieu for my mobile home which included the land approx a year ago. Orginally the land was purchased out right but later refinanced and included the land
Icon Mini Profile gmakerley
gmakerley
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Post Posted: Thu Jun 09, 2011 11:41 am    Post subject:
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With a deed in lieu, you've relinquished all rights to the property. There would be no equity available to distribute to you.
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Icon Mini Profile jameshogg
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Post Posted: Thu Jun 09, 2011 7:56 pm    Post subject:
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Hi roscellap,

I agree with what George has said. When you go for a deed in lieu of foreclosure, you actually surrender the property as a whole to the lender. The lender will sell off the property and recover the debts. He may not be liable for paying you anything.

Thanks
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