Deed in lue

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Deed in lue

I was trying to do a deed in lue and the mortgage company advised me it was not an option available to me. By one person – I was told it was a claus that the investor had. I called back after doing some research and was told that the rep should have not told me that. And that deed in lue was not an option but would not explain why. Can they do that?

Asked on May 13, 2009 under Real Estate Law, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Unfortunately, the bank is not required to accept a deed in lieu.  The are entitled to foreclose on your property and then take it back.  A deed in liue generally requires you to submit financials and so forth to show that you cannot afford the property anymore and that you are likely to get behind in payments.  Some banks permit deeds in lieu and others do not like it as they do not like to be holding property that is far under value/under water.  As frustrated as it sounds, I suggest either a short sale or trying to rent it out by posting a craigslist ad.  Or you can try to find company (We buy houses) to buy it.  The short sale may be best, but it affects your credit.  If you dont care about that, then a short sale may be the way to go and I would talk to a real estate agent for them to help you advertise and get it sold.


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