Re: deed in leiu

Posted by steele in minnesota on October 25, 2006 at 03:36:16:

In Reply to: deed in leiu posted by clueless on October 24, 2006 at 22:38:01:

: HI, I need to know if we do a deed in leiu of foreclosure, if the lender can go after our business or assets? And are we responsible for any balance? Thank you.

**********************

No, the lender takes the property "in lieu" (in place, instead) of the money owed. Nothing more is owed.

Just remember that not all lenders will be willing to do this for this very reason. But if that is offered and you think it best...

Steele V. Propp
Foeclosure Specialist
Schatz Group GMAC
Minneapolis, MN
steelep@aol.com

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Comments:
: : HI, I need to know if we do a deed in leiu of foreclosure, if the lender can go after our business or assets?  And are we responsible for any balance?  Thank you.

**********************

No, the lender takes the property "in lieu" (in place, instead) of the money owed.  Nothing more is owed.

Just remember that not all lenders will be willing to do this for this very reason.  But if that is offered and you think it best...

Steele V. Propp
Foeclosure Specialist
Schatz Group GMAC
Minneapolis, MN
steelep@aol.com

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