Posted on: 24th Aug, 2011 06:20 pm
I needed to move for health reasons. I have a reverse mortgage and now must pay back the loan. I've been trying to sell, no offers. Appraisal came in at $50k less than balance owed. Would a deed in lieu be my best option?Could they come after me for the difference? How long should that process take? I could try a short sale, but would buyer's lender loan more than appraised value??
hi bjk,
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, it will be the discretion of the lender whether or not he will consider your request for a deed in lieu of foreclosure. it will take around 90 days to complete the deed in lieu of foreclosure process.
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, it will be the discretion of the lender whether or not he will consider your request for a deed in lieu of foreclosure. it will take around 90 days to complete the deed in lieu of foreclosure process.
You need to consult for a mortgage broker to help you out with your problem and decide whether it is a better choice to get a deed in lieu of foreclosure or just opt for a short sale.
>>Would a deed in lieu be my best option?
Yes.
>>Could they come after me for the difference?
>>No. The premiums you've been paying on your FHA insurance cover this.
>>How long should that process take?
You call the service department via the toll free number on your monthly statement, make the arrangements, and they'll walk you through the process. It happens fast.
Yes.
>>Could they come after me for the difference?
>>No. The premiums you've been paying on your FHA insurance cover this.
>>How long should that process take?
You call the service department via the toll free number on your monthly statement, make the arrangements, and they'll walk you through the process. It happens fast.
how do I go about deed in lieu of?
Hi Cora,
You will have to contact your lender and apply for a deed in lieu of foreclosure. If you can prove your financial hardship, the lender may consider your request.
Thanks
You will have to contact your lender and apply for a deed in lieu of foreclosure. If you can prove your financial hardship, the lender may consider your request.
Thanks