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mikeronk2 · Joined: 03 Dec 2009 Posts: 1 1.00 Dollars($)

My wife and I have decided that the best way for us to move forward is to get out of our mortgage.....we want to be above board with the lender and let them know of our inability to make payments on our loan and that we just want to turn the house back over to them. In my research I believe that the Deed in Lieu of Foreclosure is the best option.....my questions are:
1) How do we get this process started??
2) What requirements will be required to provide the bank??
3) How long does the process work, how long will we be allowed to remain in the house??
4) Can the bank require us to pay back payments (we are currently two months behind in payment, garnish wages??)
5) What are the tax ramifications to us, once this process is completed??
6) Anthing else we need to know/expect??

raymond · Posted: Thu Dec 03, 2009 4:49 pm Post subject:

>> In my research I believe that the Deed in Lieu of Foreclosure is the best option

It's your best option, but not the Lender's best option, so they usually say "no". But you should try anyways. Just give them a call, or write a letter, explain your situation, and ask. The worse they can do is say "no".

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