Posted on: 25th Feb, 2009 08:58 am
hi cliff-- i currently have a home mortgage and a 2nd loan, a heloc. will i be able to go for a deed in lieu of foreclosure for both loans?
you need to discuss this with your lender. each lender is going to have its own standards. if you haven't been in contact with them, you should be.
Hi Guest
You will have to apply for a deed in lieu with the first lender. If he accepts it, he will sell off the property to recover his debts. As far as the second loan is concerned, you will be liable to pay it off. The second loan will not be forgiven.
Thanks.
You will have to apply for a deed in lieu with the first lender. If he accepts it, he will sell off the property to recover his debts. As far as the second loan is concerned, you will be liable to pay it off. The second loan will not be forgiven.
Thanks.
