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What is a deed in lieu and how do I go about doing one?
Anonymous4 views3 answers
My late husband and I purchased a house for his parents. Everyone whose name was on the deed has died except me and I cannot pay for the house. What can I do to protect the house I am living in and my credit. I can make the payments on the house I'm living in but cannot afford to pay for the one that was purchased for my husband's parents.
Lynn Ellen ColemanLawsuit / Dispute AttorneyKernersville, NC ·
I assume you are either still making payments or your payments are not too far behind yet. You need to call the lender and explain the situation. You will be asked to submit a form Request for Assistance and provide some information. Typically in my experience, a deed in lieu will not be approved until after the property has been listed for sale and no offers are received. You should contact a Realtor at the same time and get the house listed for sale as soon as possible, this will make the process smoother and a Realtor experienced in short sales will be able to help you as well.
Margaret Agnes PalmsForeclosure AttorneyBoone, NC ·
It would be very helpful to have an attorney look over all your documents before you sign anything provided by the mortgage holder. Essential really. The lender may tell you that you're being relived of the debt but sometimes don't put that into the documents, so proceed with extreme caution.
