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Deed in leu of?

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jennyjoe77 Joined: 27 Sep 2010 Posts: 1 1.36 Dollars($)	Posted: Mon Sep 27, 2010 3:00 pm    Post subject: Deed in leu of? Like 0 Dislike 0 My husband and I have been seeking help with his predatory loan for over a year now. First we tryed to refinance and of course were denied , then we went through a mortgage help websit that turned out to be a scam ( we lost 4000) and now we are just trying to get out of the mortgage because in June of next year we have to move to TX to care for my sick mother who has MS. The loan was court ordered when my husband divorced his first wife. He was given and upfront intrest loan at 8.46% over 80,000$ has been paid in 5 year for intrest only. The tax and insurance are not included in the 1573$ a month mortgage so we cannot afford to pay on pricipal. We were considering a deed in leu of. Would we qualify?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Sep 27, 2010 8:03 pm    Post subject: Like 0 Dislike 0 Hi jennyjoe! Welcome to forums! Are you delinquent on your mortgage payment? If yes, then there are chances that you may qualify for a deed in lieu of foreclosure. You will have to inform the lender about your financial hardship and request for a deed in lieu of foreclosure. However, if you're still current on your payment, then the lender may not consider your request. Feel free to ask if you've further queries. Sussane

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