Foreclosure in Wildwood>Question Details

Joanne Piotr…, Home Buyer in Pennsylvania

Our mortgage company is asking for $10K to accept a deed-in-lieu for our property in Wildwood, NJ? Is this normal?

Asked by Joanne Piotrowski, Pennsylvania Tue Jun 7, 2011

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5
You definitely need to consult with a real estate lawyer. Most counties in New Jersey have lawyers who volunteer for a set fee to listen to your problem and advise you. (Two years ago in Cape May County the fee was $25.) There are also programs for people who have low incomes and can't afford to pay.

Check out this site of the American Bar Association for info in New Jersey:

http://apps.americanbar.org/legalservices/findlegalhelp/free…

Joanne Bernardini
Sales Associate
Coldwell Banker-Casa Bella Realtors
Office- 609-601-1009
Cell-609-947-2451
0 votes Thank Flag Link Sun Jul 1, 2012
How did you ever make out with the Deed in Lieu?
0 votes Thank Flag Link Sat Jun 2, 2012
I haven't seen this in a DIL, but I have seen this with short-sales. It's mainly the mortgage insurance, they want the borrower to contribute to the sale depending on their financial status, this is one way of the mortgage insurance telling the homeowner to contribute or they will pursue a deficiency judgement. Check with a couple attorneys and real estate agents that handle and have experience with this.

Good Luck!
0 votes Thank Flag Link Tue Jun 7, 2011
I haven't seen this in a DIL, but I have seen this with short-sales. It's mainly the mortgage insurance, they want the borrower to contribute to the sale depending on their financial status, this is one way of the mortgage insurance telling the homeowner to contribute or they will pursue a deficiency judgement. Check with a couple attorneys and real estate agents that handle and have experience with this.

Good Luck!
0 votes Thank Flag Link Tue Jun 7, 2011
In order to best protect yourself, consult with an attorney who specializes in real estate; if you cannot afford one, contact your local Legal Aid Society for a pro bono attorney, free.
0 votes Thank Flag Link Tue Jun 7, 2011
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