deed in lou

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deed in lieu..what r our rights...bank is sending papers to be filled out...we have illness in family and need to move back home where our doctors are. we are in our 60's..thanks for your help

jameshogg · Posted: Mon Oct 26, 2009 8:11 pm Post subject:

Hi linda,

A deed in lieu of foreclosure will help you in getting rid of the property. You will have to give away your property to the lender. The lender would then sell off the property to recover the dues. As most of the properties are underwater these days, the lender will not be able to recover all his dues. However, he would forgive the balance amount resulting from the sale of the property. But, a deed in lieu of foreclosure would reduce your credit score by 250 points. Also, it would remain on your credit report for the next 7 years.

Thanks

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