Posted on: 05th Oct, 2010 12:24 pm
Long story short, my wife and I are facing a Deed in Lieu Of on our commercial property.
After we inform the bank that we agree to it, and since it can take up to 90 days to complete, can we still pay off the loan during that time if we come up with the money???
Or once the Deed in Lieu process starts, are we stuck with the outcome of bank ownership no matter what? :roll: :(
After we inform the bank that we agree to it, and since it can take up to 90 days to complete, can we still pay off the loan during that time if we come up with the money???
Or once the Deed in Lieu process starts, are we stuck with the outcome of bank ownership no matter what? :roll: :(
hi doodlebug,
as your property is going into a deed in lieu of foreclosure, you won't have to pay the mortgage dues for this period. moreover, unless you're delinquent on your mortgage payments, the lender will not consider your request for a deed in lieu of foreclosure. once the deed in lieu of foreclosure starts, the bank will become the owner of the property. you won't remain liable for the property anymore.
thanks
as your property is going into a deed in lieu of foreclosure, you won't have to pay the mortgage dues for this period. moreover, unless you're delinquent on your mortgage payments, the lender will not consider your request for a deed in lieu of foreclosure. once the deed in lieu of foreclosure starts, the bank will become the owner of the property. you won't remain liable for the property anymore.
thanks
Hi jameshogg. I know I won't be paying on the mortgage, and the bank has already started the deed in lieu process as of yesterday. But it looks like I'm still owner UNTIL the papers are signed. So the question remains, I think: could I still pay off the loan before those papers are signed??
Oops. I wasn't signed in when I posted the above, but it's me--the original poster of this string. So the question also still remains: can I still pay off the loan before those papers are signed??
Hi doodlebug!
Welcome to forums!
You may pay off the loan but in most cases, the lender may not accept your payment once you've applied for the deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You may pay off the loan but in most cases, the lender may not accept your payment once you've applied for the deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Ah. Thanks smithsussane. So sounds like it's a possibility, but not a likelihood. Thanks for letting me know.
Doodle, I would think that's something you might have already discussed with the lender, but it appears you haven't. In that event, why not bring it up now, prior to the actual transaction? Just because they've begun the paperwork ought not to prevent you from making payment in full. Call them, write to them, stop by and see them...but contact them and put the question out there.
