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I'm really confused about what I should do. I have lost my job back in March 08 and used what was in my 401k and pension to stay afloat and keep up with my bills. I got a new job in August paying 10,000 dollars less but with opportunity for bonuses and now I have been layed off from that job due to the economy. I'm behind on my mortgage 2 payments and have talked to a housing counselor and the only feasible option is to get out of my home. I have no savings, no retirement and feel like a total failure. I would like to know if I can even do the Deed in Lieu of foreclosure when I haven't had my house on the market?

Undecided

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.19 Dollars($)

Hi, Banks usually asks you to list your house for 90 days before they can do Deed in Lieu. Why dont you try to put it on the market to get it going while you start your process with the lender. Since you are 2 months behind already, they might even do DIL faster..

smithsussane · Posted: Tue Jan 13, 2009 7:56 pm Post subject:

Hi Undecided!

Welcome to forums!

As you are two months behind payments, you should immediately contact your lender and apply for a deed in lieu. You can write a hardship letter to the lender and inform him the problems you are facing. If the lender agrees for a deed in lieu, then your property will be listed in the market and steps will be taken to sell it off.

Feel free to ask if you have further queries.

Sussane

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Deed in Lieu of Foreclosure