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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Consequences of a deed-in-lieu... Posted by Ward-CA- on August 30, 2003 at 11:02 PM In Reply to: deed in lieu in michigan posted by Kevin on August 30, 2003 at 4:45 PM : I have Detroit properties, and I have had Real Estate Agents come out to look at properties to see what we could sell them for and have been told they will not sell for what I paid for them. My wife and have came to the conclusion that the agent/investment group we bought from over priced them and we can now not get rid of them. The other problem is that you can not keep tenants in them that will pay rent and the mortgages are eating up what little money we have left. I would like to maybe do a deed in lieu and do not want to do banckruptcy, but at the rate we are going we wont have any money to pay the mortgages we have. My question is what are the consequences of this deed in lieu? Can the bank come after my personal assest, or if there is a 10k difference in what I owed and what the sold it for can they come after me for that? Would appreciate any suggestions as to this action and any insight on what can happen when you deed back to the bank, what recourse do they have? Thanks much in advance! Kevin -=-=-=-==-=-=- Kevin, If a lender elects to take a deed from you, in lieu of foreclosing against you, they will have waived their rights to any deficiency that might arise later on when disposing of your property. But I don’t think a bank is likely to accept a deed-in-lieu with property as over-encumbered as you describe. However, it never hurts to inquire. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have Detroit properties, and I have had Real Estate Agents come out to look at properties to see what we could sell them for and have been told they will not sell for what I paid for them. My wife and have came to the conclusion that the agent/investment group we bought from over priced them and we can now not get rid of them. The other problem is that you can not keep tenants in them that will pay rent and the mortgages are eating up what little money we have left. I would like to maybe do a deed in lieu and do not want to do banckruptcy, but at the rate we are going we wont have any money to pay the mortgages we have. My question is what are the consequences of this deed in lieu? Can the bank come after my personal assest, or if there is a 10k difference in what I owed and what the sold it for can they come after me for that? Would appreciate any suggestions as to this action and any insight on what can happen when you deed back to the bank, what recourse do they have? Thanks much in advance! Kevin : -=-=-=-==-=-=- : Kevin, : If a lender elects to take a deed from you, in lieu of foreclosing against you, they will have waived their rights to any deficiency that might arise later on when disposing of your property. : But I don’t think a bank is likely to accept a deed-in-lieu with property as over-encumbered as you describe. However, it never hurts to inquire. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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