Re: Walking away


Posted by Julio Martinez-Clark on April 25, 2008 at 12:11:35:


In Reply to: Walking away
Posted by Mac on April 25, 2008 at 10:42:14:

Mac,

What makes you think that sending the bank the keys could be worse? Think
about the process....you send the keys in an envelope with a letter including
your loan number. The bank employee opens the envelope, enters the loan#
in the computer, sees that the deed in lieu application has been refused, then
he/she proceeds to throw the keys, the letter and the envelope in the trash.

It's routine that the lenders do a visual inspection on properties facing
foreclosure. During this inspection the lender will know that your property is
vacant, then the lender will send a third-party company to enter the property
(per your mortgage agreement) to change the locks and to make sure the
asset is protected. While all this happens the foreclosure process will continue
its course, a sale date will be schedule, and the home will be sold at the
auction or the lender will end with the home in its books.

If allowed by law, the lender(s) will continue collection activities (the
foreclosing lender possibly obtaining a mortgage deficiency judgment against
you) to get some of their money back from you.

Please read my articles in my blog; they will answer many of your present and
future questions.

I hope this helps,

Julio Martinez-Clark


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