Posted on: 24th Nov, 2008 08:28 am
can the current owner of the house stay there during the deed of lieu process?...during wich time i am going through the process of doing a deed in lieu of foreclosure, can i remain in the home, even though i am not able to make any payment towards it?
Hi reiki4boulder!
Welcome to forums!
It will be the discretion of the lender. The lender may ask you to leave the house immediately once he starts the deed in lieu process. Or he may let you live in the property until the property is sold. Once it is sold, the new owner and the lender may give you a 3 day notice and ask you to leave the property. You should speak to the lender and check if he agrees to let you stay in the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
It will be the discretion of the lender. The lender may ask you to leave the house immediately once he starts the deed in lieu process. Or he may let you live in the property until the property is sold. Once it is sold, the new owner and the lender may give you a 3 day notice and ask you to leave the property. You should speak to the lender and check if he agrees to let you stay in the property.
Feel free to ask if you have further queries.
Sussane