Posted on: 19th Feb, 2009 07:37 am
which is better to do a deed in lieu or go to a forclosure when you are the executor of the estate a...uncle died in 07 I am the executor of the estate. I paid into the home over 40,000 plus dollars the price has been lowered five times tyhe propoerty was on the market for 500 days. I do not want this home or want to sell it I have nothing to pay the mortage with I mailed in the keys to mortgage company response from them fill out paket to do deed in lieu or it goes to forclosure loan not in my name what are the reprocuusions to me in the end?
Welcome lisafattore,
I suppose you will have to take the consent of the beneficiaries before you for a deed in lieu or a foreclosure. If they agree to a deed in lieu, then you can go ahead with it.
As the loan is not in your name, your credit score will not be affected. Moreover, if you go for a foreclosure, the lender won't ask you to pay off the deficient amount resulting from the foreclosure.
I suppose you will have to take the consent of the beneficiaries before you for a deed in lieu or a foreclosure. If they agree to a deed in lieu, then you can go ahead with it.
As the loan is not in your name, your credit score will not be affected. Moreover, if you go for a foreclosure, the lender won't ask you to pay off the deficient amount resulting from the foreclosure.