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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deed in lieu -- is this my solution? Posted by Wisemer on January 09, 2004 at 11:27 PM Hello, I have a house, which has been vacant for 4 months, and I've tried to rent it, sell it, anything. It is in immaculate shape, but it hasn't moved. Although payments are not yet late, but I am financially strapped and cannot make this month's payment or any future payments. I would like to approach the bank and ask for a deed in lieu. I owe $107,000, no junior liens, and the appraisal is about $114,000. But property values in the neighborhood have gone down. My question is, since I haven't been living in it for 4 months, would the bank even consider a deed in lieu? If the bank knows I haven't been living there, would I get in trouble? I have a conventional owner-occupied loan. Could the bank make me liable for any deficiency when they sell it? I'm in Georgia. Thanks. Follow Ups: Demonstrate the need... Ward-CA- 3:56 AM, 01/11/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello, I have a house, which has been vacant for 4 months, and I've tried to rent it, sell it, anything. It is in immaculate shape, but it hasn't moved. Although payments are not yet late, but I am financially strapped and cannot make this month's payment or any future payments. I would like to approach the bank and ask for a deed in lieu. I owe $107,000, no junior liens, and the appraisal is about $114,000. But property values in the neighborhood have gone down. My question is, since I haven't been living in it for 4 months, would the bank even consider a deed in lieu? If the bank knows I haven't been living there, would I get in trouble? I have a conventional owner-occupied loan. Could the bank make me liable for any deficiency when they sell it? I'm in Georgia. Thanks. 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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