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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Moving out shouldn't be any problem with the lender. Posted by Ward-CA- on October 31, 2001 at 8:44 AM In Reply to: awaiting a decision from loss mitigation..have a question but afraid to ask lender posted by Robby on October 30, 2001 at 5:17 PM : made an offer to lender to do a deed in lieu of forclosure on home. submitted financial packet and was told we would hear in 5 to 7 days. : My question I'm afraid to ask the lender is.. : If the bank agrees to do a deed in lieu ,as we meet all of their requirements do we have to stay in the home until the process is complete?we're unable to pay the current delinquent payments(4) Thereason being I have found a nice rental in an ok neighborhood and don't want to lose the place for my family. Are there any stipulations on staying in the house until the final process of appraiser, grant deed, estoppel, and so on???Thanks =?=?=?=?=?=?=?=?=?=?=?=?=? Robby, I?d be very surprised if the lender required you to remain in possession of the property that they are in the process of taking title to via a deed-in-lieu of foreclosure. There is the issue of the insurance coverage on the property lapsing if it is vacant for more than a month, but that shouldn?t be of any concern of yours once you no longer own the property. As a courtesy to the lender you might temporarily leave the front window dressing up and continue to water and maintain the yard for the first 30 days after you move out. But after that I?d send the lender a written notice that you?re going to then remove the window coverings (if they would be of value to you) and cancel all utilities still in your name. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : made an offer to lender to do a deed in lieu of forclosure on home. submitted financial packet and was told we would hear in 5 to 7 days. : : My question I'm afraid to ask the lender is.. : : If the bank agrees to do a deed in lieu ,as we meet all of their requirements do we have to stay in the home until the process is complete?we're unable to pay the current delinquent payments(4) Thereason being I have found a nice rental in an ok neighborhood and don't want to lose the place for my family. Are there any stipulations on staying in the house until the final process of appraiser, grant deed, estoppel, and so on???Thanks : =?=?=?=?=?=?=?=?=?=?=?=?=? : Robby, I?d be very surprised if the lender required you to remain in possession of the property that they are in the process of taking title to via a deed-in-lieu of foreclosure. : There is the issue of the insurance coverage on the property lapsing if it is vacant for more than a month, but that shouldn?t be of any concern of yours once you no longer own the property. As a courtesy to the lender you might temporarily leave the front window dressing up and continue to water and maintain the yard for the first 30 days after you move out. : But after that I?d send the lender a written notice that you?re going to then remove the window coverings (if they would be of value to you) and cancel all utilities still in your name. : 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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