If I’m looking to do a deed in lieu on my house, do I have to give them my P&L to get them to do a deed in lieu?
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If I’m looking to do a deed in lieu on my house, do I have to give them my P&L to get them to do a deed in lieu?
I also am self-employed and have a LLC business. The mortgage company is asking for my current P&L. I have been told that I don’t have to comply if I am an LLC.
Asked on September 9, 2016 under Real Estate Law, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You have to give it to them if they want it: it is purely voluntary on their part to agree to do a deed in lieu; therefore, since it is voluntary, they are free to put any requirements on applying for or being considered for it that they want, such that you provide a P&L. They undoubtedly want to see if *should* be able to pay the mortgage, in which case they will likely refuse, or if a deed in lieu is realistically the best they can expect, in which case they may agree to it. If you don't give them the data they want, they don't need to even think about this.
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