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ajiefanedu · Joined: 07 Oct 2009 Posts: 1 1.00 Dollars($)

I bought a home in Las Vegas. I don't have any renter for 4 months now. I fully depended on the rental to pay my mortgage on that property. I have not missed any payments as of yet. But I may have to skip payment this month because I dont have anymore money to pay. Still vacant until now. I want to know if I can go for deed in lieu. I don't want to keep the house anymore because I'm losing money. Can I do deed-in-lieu. Who should I talk to? Should I missed payments first before talking to the lender?
I have 2 more properties in California and I plan to keep those. One is my residence (Bay area) and one is being rented (in San Diego).
Please advise what could be the consequences with my property in California if i go for deed in lieu or forclosures with the property in Las Vegas.

Thank you

smithsussane · Posted: Wed Oct 07, 2009 10:32 pm Post subject:

Hi ajiefanedu!

Welcome to forums!

You can definitely apply for a deed in lieu of foreclosure with your lender. You will have to write a hardship letter to the lender and inform him about your financial situation. I would not suggest you to miss your payments first. You can have a word with your lender first and then think about missing payments. If the lender accepts your deed in lieu, then you won't be responsible for the deficient amount resulting from the sale of the property. Thus, your properties located in California will not be affected.

Feel free to ask if you've further queries.

Sussane

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