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What is a deed in lew of forclosure? How many months behind on mortgage before that happens?

Sun May 4 2008, 21:24 - 63125 - Foreclosure - 3 answers
 
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Meh Lo
Just Looking
in Lemay
Meh Lo, Just Looking in Lemay in Lemay
Answers (3)
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Dale Weir was FIRST TO ANSWER
Randy & Dale gave you ecellent information below. I strongly urge you (as they did) to make sure the individual offering this option is a reputable party. If you do not understand the paperwork, find someone (who knows what they're doing) to explain it to you. These are the kinds of things that a lawyer would be good for but your previous postings indicate you don't have the money for this option. Contact a bank if you are going through a mortgage company. There are lots of loopholes in these kinds of things but it could be to your advantage rather than going through foreclosure but you have to make sure it settles your debt.
Trisha Lee REMAX Boone Realty, Columbia, MO

Mon May 5 2008, 12:14
Web Reference: http://www.TalkToTrisha.com
 
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A deed in lew of foreclosure is when the bank, or even a private party agrees to accept the deed of the property instead of going through the timely and expensive process of foreclosure. As Dale said below, be sure that you are dealing with a reputable party, as you want to ensure that your forfeiture of deed results in settlement of your debt. This can be a great option for someone facing foreclosure (see my earlier response about finding and investor), however, you have to make sure that legally you are covered.

Mon May 5 2008, 05:51
Web Reference: http://www.stlouisrealteam.com
 
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FIRST ANSWER
that sounds like someone wants you to sign over the deed to your home in lieu of going into foreclosure. I would make very very sure that you are talking to someone reputable, since there are some out there who will get you to sign over your home, but will not release you from the debt so you will still owe on the home. Talk to someone who can provide good counseling on the matter.

Sun May 4 2008, 22:09
Web Reference: http://www.yourstlhome.com
 
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