Posted on: 15th Dec, 2008 06:42 pm
I have a va loan in Fl and my husband lost his job 6 weeks ago. We are now 1 day late on this mortgage. There are absolutely no job prospects where we live, and we are just about out of money to keep the family going. We have never had even one late bill payment in over 20 years together. The question is, there are some promising job prospects in Delaware, where all our family is. In the next couple of weeks we will be out of cash and unable to pay any bills. He is seriously considering going up there to work. Of course we are about 70,000 upside down, maybe more at this point, so selling is out of the question. What happens if you have a VA backed loan and go into default or want to do a deed in leiu?
Welcome reynolds,
You can speak to the lender about a deed in lieu foreclosure. If the lender accepts it, you will have to sign away the property to the lender. The lender will sell it off and recover his debts. As for the deficient amount, he will forgive it. To know more about deed in lieu, check out:
http://www.mortgagefit.com/deed-lieu.html
You can speak to the lender about a deed in lieu foreclosure. If the lender accepts it, you will have to sign away the property to the lender. The lender will sell it off and recover his debts. As for the deficient amount, he will forgive it. To know more about deed in lieu, check out:
http://www.mortgagefit.com/deed-lieu.html