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Posted: Sun Nov 08, 2009 9:13 am Post subject: Should I do a Deed in Lieu?

Hi Shane, We owe 285,000 on our home it is worth 100,000 less then that.MY HUSBAND LOST HIS JOB.economy and cut backs we are in over our heads in debt (credit cards),we do have a little bit of money in the bank. We are going thru divorce....
I make 200.00 wk (yoga instructor).Have not paid this months mortgage due on the 15th.Trying to work more and the cc debt is outrageous.
I want to throw the towel in.If there is 60,000 in the bank do we qualify for a deed in Lieu ?we owe more than that in cc

adonis · Posted: Sun Nov 08, 2009 7:59 pm Post subject:

Hi Guest,

You need to apply for a deed in lieu of foreclosure with your lender. He would judge your financial situation and let you know whether or not you qualify for it. It would be the lender's discretion whether or not he approves the deed in lieu for you.

shane · Posted: Mon Nov 09, 2009 9:59 am Post subject:

Only your lender can determine if you'd be approved to do a deed in lieu of foreclosure or not. Another solution you might want to look into is doing a short sale, where you sell the home for less than you owe (typically the current market value) - the goal being to get your lender to accept the terms of the short sale offer you'd recieve so you can no longer be obligated to the mortgage debt.

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Should I do a Deed in Lieu?