Deed in Lieu with tenant at property wanting to give back to bank?

Asked by lovethegame23, Marshall, MN Mon Apr 22, 2013

I had to move due to a job change, had to leave home behind and put a renter into that property so I wasnt stuck paying a mortgage and a rent payment. I fell on hard times and need to give the house back and heard about a deed in lieu, But my main issue is that how can this be done when there is a renter in the home and has a lease through this november?? What are my options??

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Elizabeth Fuller’s answer
Elizabeth Fu…, Agent, Wayzata, MN
Mon Apr 22, 2013
You need a legal opinion and since you are in MN, you can contact the Attorney General, consumer department and they will answer your questions, explain options, and point you in the right direction. just go into the Attorney General's website and find a consumer query telephone number. They can help you understand the possibilities, explain what the terms mean and keep you informed about your rights and those of your tenant. Good luck. Liz, 612-986-4105
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Cameron Piper, Agent, Forest Lake, MN
Mon Apr 22, 2013
lovethegame23,

Under no circumstances should you do a deed-in-lieu (DIL) without consulting an attorney experienced in foreclosures. A DIL done properly is a possibility, but there are rights given you under MN statute duing a foreclosure that will not be guaranteed in a DIL. BE CAREFUL.

Cameron Piper
Keller Williams Premier Realty
612-839-4202
Web Reference:  http://www.campiper.com
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