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can a deed/lieu happen?

Posted on: 24th Nov, 2010 02:42 pm
if both loans are with the same bank? spouse lost job and was out of work for awhile- although he got another job we have not been able to get on our feet and have not paid the mortgages for 3 months.. getting worried about what we can do. any help would be appreciated
hi strands,

you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, it will be your lender's discretion whether or not he will accept your request. though the lender will recover the first loan from the sale of the property, you will have to pay off the second mortgage in full.
Posted on: 24th Nov, 2010 07:52 pm
and if we are unable to pay off the second mortgage? we do not have that kind of money. will a bank accept both lonas or will we have to file forecloser on both loans?
Posted on: 01st Dec, 2010 10:19 am
Posted on: 01st Dec, 2010 11:39 am
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