Posted by steele in minnesota on June 23, 2009 at 11:01:28:

In Reply to: Foreclosure advise posted by Raj on June 23, 2009 at 10:22:03:

A deed in lieu is giving the property back to the lender "in lieu" of paying them. It is strictly voluntary on the bank's part and usually a last resort.

However, you have tried the short sale route to no avail so they just might consider it. There will be damage to your credit but less severe that a foreclosure.

Just remember that today you are not alone and you have tried to do the honorable thing. There is no longer a stigma to a foreclosure. Bad things happen to good people.

I would stay in contact with lender and let them know you have tried to sell the property and can no longer afford two households. Offer the deed in lieu and ask if they have any other alternatives. But let them know that otherwise a foreclosure is likely.

In checking the charts it does appear that Maryland does have the possibility of a deficiency judgement. But you can't get blood from a stone. Most of them realize that. As I also understand it, most foreclosures are non-judicial and take about 90 days to complete once started.

Good luck and let us know what is happening.

Follow Ups:

• Re: Foreclosure advise - Raj 11:12:19 06/23/09 (2)
  • Re: Foreclosure advise - steele in minnesota 11:19:31 06/23/09 (1)
    • Re: Foreclosure advise - Raj 11:25:41 06/23/09 (0)

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