Posted on: 27th Mar, 2007 06:44 pm
friend asked me to help since bank was foreclosing on his house,at the time i did not know the agent for the mortage company had altered my salary to justify the loan. person living in the house has not made any payments to me to pay the mortage. bank threating foreclosure. attorney suggesting doing deed in lieu of foreclosure. we are afraid bank my come after my primary residence and seek judgment against me.
If bank accepts a deed in lieu of foreclosure then they will not go for a deficiency judgment to recover any balance dues.
The note will be marked as "paid" & you will be provided a form which will refer to waiver of their rights to claim any deficiency judgment.
Miller
The note will be marked as "paid" & you will be provided a form which will refer to waiver of their rights to claim any deficiency judgment.
Miller
Yes Vshash, the bank can seek a judgment against you. So, it is better that you go for a deed-in-lieu. Through this process, the bank will get ownership rights on the property and put it up for sale in order to get back the sum of money that has been invested.
I guess the company has sold the loan to the bank. And hence the bank wants to foreclose.
I guess the company has sold the loan to the bank. And hence the bank wants to foreclose.