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delicateflower823 · Joined: 06 Oct 2009 Posts: 1 1.25 Dollars($)

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?

jenkin7 · Posted: Tue Oct 06, 2009 11:24 pm Post subject:

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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