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How do I go about offering a deed in lieu to the bank for my residence?I believe predatory lending got me into this mess. Should I contact a local foreclosure attorney?What is the process time frame?Would I be able to sell my rental house before the bank puts a lien on it for the deficient amount of my residence? Thank you

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

stanley

Welcome to mortgagefit,

Firstly You can not (and not advised to attempt) to sell the property without giving consent to your lender which may further bring problem to you in a long run.

Niicss · Posted: Thu Oct 15, 2009 1:39 am Post subject:

You will have to write a hardship letter to the lender and apply for a deed in lieu of foreclosure. In the letter, you should mention your financial situation in details to the lender. If the lender is convinced, then he would accept your request. If the lender accepts your deed in lieu, then you won't be liable for the deficient amount. Thus the lender will not place any lien on your property.

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