Posted on: 13th Feb, 2013 01:12 am
there are two mortgages on my property - first and second. i can’t afford the property any more… can i get a deed in lieu of foreclosure approved?
hi darry,
unless both the lenders agree to a deed in lieu of foreclosure, you won't be able to go for this option. the second mortgage lender has to specially agree to it or else the first mortgage lender won't consider the option.
take care.
unless both the lenders agree to a deed in lieu of foreclosure, you won't be able to go for this option. the second mortgage lender has to specially agree to it or else the first mortgage lender won't consider the option.
take care.
you can also try to refinance your first mortgage and the money that you save from it can be used to pay off the second mortgage (or at least lessen the overall loan amount).
In this situation, deed in lieu of foreclosure taking into account both the lenders will be s very complicated matter.
Yes, if your Lenders grant it to you. Give them a call and ask - the worse they can do is say "no".
