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tendoy2 · Joined: 09 Mar 2010 Posts: 3 2.19 Dollars($)

My father has been ill since early 2008. I live 10 hours away and travel to help with his needs.As this became a financial and personel strain on my family I decided to put my home on the market in august of 08. In almost 3 years I've nevr had an agent bring a potential buyer or anybody else look at or make an offer. I bought the home in june of 07 for 165,000 I owe 150,000 to B of A. An appraisal in 03/10 came in at 125,000 I requested a deed in lieu , but since I wasn't delinquent BofA said no. So I've decided not to make any further payments. I live in Ca. have no assessts and wish to leave to be closer to my father.Could you please explain the future implication of my actions for the deed in lieu. I'm going to wak with or with out BofA's blessing. What should I agree to w/ BofA if they approve .I don't want my ignorance to be taken advantage of by them. My father wants to sell me a home he has so I can be close by Is this wise ?Will BofA put a lien on that property if my name appears on a deed? Alot I know,THANKS

smithsussane · Posted: Thu Mar 18, 2010 9:23 pm Post subject:

Hi tendoy!

Welcome to forums!

If you are delinquent on your mortgage payments, you'll be able to apply for a deed in lieu of foreclosure. This will help you in getting rid of the property as the lender will sell it off. After the process is complete, your credit score would get lowered by 250 points. Also, this would be mentioned as a negative item on your credit report. You won't be able to get a mortgage within the next 3-4 years. However, you won't be liable for paying off the deficient balance resulting from the sale of the property.

Feel free to ask if you've further queries.

Sussane

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