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Should i do a deed in lieu on a reverse mortgage

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bjk1959 Joined: 24 Aug 2011 Posts: 2 1.74 Dollars($)	Posted: Wed Aug 24, 2011 6:20 pm    Post subject: Should i do a deed in lieu on a reverse mortgage Like 0 Dislike 0 I needed to move for health reasons. I have a reverse mortgage and now must pay back the loan. I've been trying to sell, no offers. Appraisal came in at $50k less than balance owed. Would a deed in lieu be my best option?Could they come after me for the difference? How long should that process take? I could try a short sale, but would buyer's lender loan more than appraised value??
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Aug 24, 2011 10:02 pm    Post subject: Like 0 Dislike 0 Hi bjk, You can apply for a deed in lieu of foreclosure in order to get rid of the property. However, it will be the discretion of the lender whether or not he will consider your request for a deed in lieu of foreclosure. It will take around 90 days to complete the deed in lieu of foreclosure process. _________________ Procrastination is the enemy of your financial success
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Thu Aug 25, 2011 2:29 am    Post subject: hi bjk1959 ! Like 0 Dislike 0 You need to consult for a mortgage broker to help you out with your problem and decide whether it is a better choice to get a deed in lieu of foreclosure or just opt for a short sale. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Thu Aug 25, 2011 6:16 am    Post subject: Like 0 Dislike 0 >>Would a deed in lieu be my best option? Yes. >>Could they come after me for the difference? >>No. The premiums you've been paying on your FHA insurance cover this. >>How long should that process take? You call the service department via the toll free number on your monthly statement, make the arrangements, and they'll walk you through the process. It happens fast. _________________ Raymond Denton www.RaymondDenton.com

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