In Indiana, what is the process for a Deed in lieu?

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In Indiana, what is the process for a Deed in lieu?

I started a deed in lieu with my mortage company, and after research on my own, I thought if they acepted it, I would sign over the paper work, and they would take the house. Well my mortage company called me yesterday, and said that the mortage insurance wants me to give 15 k to help out with the loss or they won’t proceed with the deed in lieu. I didn’t think I would have to give money for this? Can they request that?

Asked on May 7, 2009 under Bankruptcy Law, Indiana

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

No.  Then that would be considered a modification and you would keep the house. Soooooo, here goes, You need to immediately contact your State's banking department (sometimes called department of financial institutions) and begin a complaint...explain the urgency and see what happens. If your mortgage company is actually regulated by the OCC (office of the comptroller of the currency) or OTS (office of thrift supervision), then you need to contact those agencies.

Do not sit on this.


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