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How does deed in lieu process work?

Posted on: 25th Apr, 2007 06:45 am
We live in Kentucky and we are two months behind on our mortgage payments and two years behind on property taxes. Can someone explain the deed in lieu process?
Hi kathy!

Welcome to forums!

If you're facing hardship in paying off the mortgage, then you should contact your lender and apply for a deed in lieu of foreclosure. The lender will look into your financial situation and let you know whether or not they will accept your request.

Feel free to ask if you've further queries.

Sussane
Posted on: 15th Jul, 2011 12:13 am
Bankruptcy was dischange in Jan 09. Continued making house payments until husband lost his part-time job in Nov 10. Stopped making house payments in Dec 10 and abandoned the house in Jun 11. BOA is our lender and they haven't started forecloure on the house. They tell me that they can't do anything because of the bankruptcy discharge. What are they talking about as the lady I spoke to didn't know.
Posted on: 09th Jan, 2012 09:03 pm
If you haven't reaffirmed the home in your bankruptcy filing and if you have stopped paying the mortgage, then you can surrender the property to your lender and let him foreclose it. This will help you in getting rid of the property.
Posted on: 10th Jan, 2012 01:12 am
Is it possible to follow the Deed in Lieu Process for Timeshare that has never been used. Purchased August 2009. Was mislead when purchased that can go all over us , nothing is ever available when contacting them.
Posted on: 16th May, 2013 06:07 pm
hi rose,

you can contact the lender and apply for a deed in lieu of foreclosure. however, it will be completely the lender's discretion as to whether or not you can qualify for a loan.

thanks
Posted on: 16th May, 2013 09:38 pm
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