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Is deed in lieu right for us?

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dananjean Joined: 30 Aug 2010 Posts: 1 1.41 Dollars($)	Posted: Mon Aug 30, 2010 9:14 pm    Post subject: Is deed in lieu right for us? Like 0 Dislike 0 We have a vacant lot that we had planned on building a home and now there is no way it will happen. We are still making payments on it and are current. We have tried to sell it for 2 years. The value has decreased. We had a buyer that could not get a loan so we asked our lender to let them take over payments and release us from obligation and they refused to help. We need out of this property. What would be our best option for this?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Mon Aug 30, 2010 11:51 pm    Post subject: Like 0 Dislike 0 Hi dananjean! Welcome to forums! Unless the loan is taken over by someone else, you won't be able to get rid of the property or the mortgage. You should find such a buyer who will be able to get a mortgage in his/her name and buy the property. Feel free to ask if you've further queries. Sussane
daj Guest	Posted: Tue Aug 31, 2010 8:15 am    Post subject: deed in lieu Like 0 Dislike 0 we have tried to sell for 2 years, it is worth less than what we owe---there is no way anyone will purchase....... How badly will yhis affect our credit if we just quit paying..
Belgiumgal Joined: 31 Aug 2010 Posts: 1 1.13 Dollars($)	Posted: Tue Aug 31, 2010 12:50 pm    Post subject: Question Like 0 Dislike 0 My own a time share with a family member. I want to take their name off the deed for time share. We both are ageeable in doing so. Where do I begin to do this.
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Aug 31, 2010 10:27 pm    Post subject: Like 0 Dislike 0 To daj, If you quit paying, the lender will foreclose the property which will lower your score by 250 points. Also, the negative item will remain in your credit report for the next 7 years. To Belgiumgal, The family member, who co-owns the property, will have to sign a quit claim deed in your name in order to transfer the property to you. _________________ Procrastination is the enemy of your financial success
Ciara Guest	Posted: Wed Sep 01, 2010 10:30 am    Post subject: Quick Claim Deed Like 0 Dislike 0 What is the process of a quick claim deed, where do I get one from. Do I need an attorney. How much will this cost, its just a time share?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Wed Sep 01, 2010 11:55 pm    Post subject: Like 0 Dislike 0 Hi Ciara! Welcome to forums! It is better to contact an attorney in order to get a quit claim deed drafted. The cost of the deed may vary from one state to another. The attorney whom you contact to draft the deed will let you know the cost of the deed. Sussane

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