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stanley*
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 Posted: Wed Oct 14, 2009 9:28 pm Post subject: deed in lieu |
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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
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 manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Wed Oct 14, 2009 10:12 pm Post subject: |
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stanley
Welcome to mortgagefit,
Firstly You can not (and not advised to attempt) to sell the property without giving consent to your lender which may further bring problem to you in a long run.
| Quote: | | How do I go about offering a deed in lieu to the bank for my residence |
Write them a hard ship letter either send by mail or courier.
| Quote: | | Should I contact a local foreclosure attorney |
Attorney comes into the picture when you want to fight against with your lender.I think you should try this option only as a last option.(because you need to pay the fees of attorney for battle)
| Quote: | | What is the process time frame |
lot more depend on your lender's response.
keep in touch
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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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| Posted: Thu Oct 15, 2009 1:39 am Post subject: |
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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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