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Posted by ForeclosureFish on October 23, 2006 at 08:45:20:
In Reply to: Foreclosure in AL posted by Joe on October 22, 2006 at 06:58:25:
Joe,
Sounds like a pretty unfortunate situation you're in. If you can't sell the home to anyone or work out a short sale, then the deed-in-lieu might be your only option left.
If the lender accepts the deed-in-lieu, then they are accepting that as satisfaction of the mortgage debt. Therefore, they can't go after you for a deficiency judgment.
If the home goes through foreclosure and you can't redeem it and it doesn't sell at sheriff sale for the amount you owe on it, then the lender can pursue a deficiency judgment. I rarely hear of lenders doing this, however, since most people stop paying their mortgage because they don't have the money, not because they choose not to pay it.
Good luck,
ForeclosureFish
