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bajojo34 · Joined: 06 Mar 2009 Posts: 2 1.86 Dollars($)

My home is on the market since Nov 08. I have contacted my lender, Litton Loan, and informed them that I am moving to another state during the school summer break. I have informed them that my home has been on the market since Nov 08 & if worse case scenario, it does not sell, they mentioned I can apply for a Deed in Lieu of foreclosure. My question for the worse case scenario is, when do I apply for that and when do I stop making payments?

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

The process takes some time, if you feel that you can no longer make the payments and this is the way you want to go, that you have run out of options, contact Litton as soon as possible and start the process. Lenders are trying to work out deals, so keep the line of communication open.

Have you tried to rent it out? Even if you rent it out for a little less than your current payments, it' s better than a foreclosure. Everyday there are more and more people that need to rent! Maybe you can work out a modification directly with Litton to lower the payments, rather than go thru a foreclosure or deed in lieu of foreclosure

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At what point do I apply for Deed in lieu of foreclosure if my listing agreement expires in May?