I am unable to pay off my mortgage and risk losing the property through a foreclosure. Will a deed in lieu of foreclosure help me? I have a second mortgage as well.

1 Answers
0 votes
Vote up!
Vote down!

Is the second mortgage on the property also with the same lender? If not, the deed-in-lieu of foreclosure may not work for you.

If yes, it may. The lender will agree to cancel the loan instead of foreclosing on your property. Since you have two mortgages on the same property, the lender may sue you to recover the additional amount (if there’s any deficiency).

Bankruptcy might be another helpful option, if you want to avoid the foreclosure.

Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

Last Updated on: Fri, 8 Jun 2018

BBB-A--Rating TrustLink logo TrustLink logo