Posted on: 05th Oct, 2010 02:04 pm
i haven't been living in my home for 4 months now.it's in default. i never listed the home, but i have my friend a realtor trying to sell my home with no luck. i'm thinking
about the deed in lieu for foreclosure. because i can't keep up with it anymore. will the lenders agree to this? or do i have to try and sell my home first in order to do the deed in lieu of foreclosure. what must i do first. i'm 4 months behind my mortgage. please advise
about the deed in lieu for foreclosure. because i can't keep up with it anymore. will the lenders agree to this? or do i have to try and sell my home first in order to do the deed in lieu of foreclosure. what must i do first. i'm 4 months behind my mortgage. please advise
If you take out a mortgage on the property, you must repay. If you are unable to pay the mortgage, lenders exclude tax collection. If you can not repay the loan as a result, the lender will not close the property free and clear and clean.
Hi forgetme_not,
You will have to list the property in the market and try to sell off the property. If the property doesn't sell, then you can contact your lender and apply for a deed in lieu of foreclosure. If you are already delinquent on your mortgage payments, then the lender will accept your request for a deed in lieu of foreclosure.
Take care.
You will have to list the property in the market and try to sell off the property. If the property doesn't sell, then you can contact your lender and apply for a deed in lieu of foreclosure. If you are already delinquent on your mortgage payments, then the lender will accept your request for a deed in lieu of foreclosure.
Take care.