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deed in lieu

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Icon Mini Profile delicateflower823





Joined: 06 Oct 2009

Posts: 1

1.25 Dollars($)
Post Posted: Tue Oct 06, 2009 2:14 pm    Post subject: deed in lieu
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my lender just suggested i apply for this option. does it matter if I have a 2nd mortgage as well with the same company? do i have to pay for this process?
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Tue Oct 06, 2009 11:24 pm    Post subject:
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Hi delicate,

A deed in lieu is a loss mitigation option. You actually sign over the property to the lender so they can take possession of it and sell it to satisfy their loan amount. If the proceed from the sale of the house does not cover the second loan, you will owe the difference. Thus, it is important to take approval of the second mortgage company to go forward with the deed in lieu. But since your second mortgage is with the same company, I don't think you will have much problem in getting the approval. You are not required to pay any fees for the deed in lieu process.
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