Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Deed in Lieu

Posted on: 09th Oct, 2009 07:15 am
My mother owns two properties, one is paid in full, the other she has a mortgage on. She has been renting the second property out but can no longer keep up with the demands and has had trouble with renters. Can she do a deed in lieu on the property or will she be forced to sell her home to pay for the other ?
JBennett
welcome to mortgagefit.

Her first home is paid full.So she currently paying for only one home and that too she has given on rent and due to some problems with renter she need to just do DIL on that home.

Now In this condition,if she go for DIL, she need to convey this to her lender in a proper manner about her hardship.So lot more depend on her lender.

keep in touch...
:arrow: :arrow: :arrow:
Posted on: 09th Oct, 2009 07:36 am
You need to speak with mortgage lender. next action will depend on them. prepare a good hardship letter
Posted on: 09th Oct, 2009 09:46 pm
If you have equity in second house, selling will be a good option, otherwise as suggested speak to your lender for DIL.

But DIL can be done if yuor lender agrees to it
Posted on: 09th Oct, 2009 09:48 pm
Hi JBennett,

Your mother can contact her lender and apply for a deed in lieu of foreclosure. I don't think she would be forced to sell her paid off property. She can write a hardship letter to the lender informing him about her situation. However, it should be noted that her credit would be lowered by 250 points once she goes for deed in lieu.
Posted on: 09th Oct, 2009 09:49 pm
Page loaded in 0.130 seconds.