Foreclosure in 45220>Question Details

Ray, Home Seller in Cincinnati, OH

Can you enter into a Deed in Leiu of Foreclosure on a second home or rental property?

Asked by Ray, Cincinnati, OH Fri Nov 14, 2008

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I agree with the other comments. I also think that part of the answer depends on how you negotiate with the lender. Even if they accept deeds as a policy, they may not accept it in certain cases. If your not experienced in dealing with lenders on these matters, I suggest using someone experienced. It's like pulling your own tooth, you can do it, but using a professional dentist has it's benefits. Are you interested in keeping the property? If you are, you may want to consider a loan Modification. You are welcome to get more info about loan mods at our website, the information is free.
I invite you to contact us and ask us any other questions, even for more info about the deed question.
I wish you the best with it.
0 votes Thank Flag Link Fri Nov 14, 2008
Hello Ray:

I totally agree with William Metzker's answer to your question. Every bank's policy is different, so there isn't one stock answer to this question. You need to inquire at the bank to know for sure. If they do not want to accept a deed in leiu, I would suggest a short sale if there is a hardship situation. You need to put the home on the market with a Realtor first. Then the Realtor would help you with the short sale process. Good luck.

Sheri Mapes the Cincy House Expert
0 votes Thank Flag Link Fri Nov 14, 2008
The property's being a second home or rental won't make much difference. It depends on the lender's policy-some do, some don't. The lender's attitude will probably be influenced by location and how much the property is leveraged.
0 votes Thank Flag Link Fri Nov 14, 2008
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