QUESTION
I have a first and 2nd mortgage, can I file for a deed & lieu?
Asked on May 01st, 2013 on Foreclosures - Washington
More details to this question:
We're in a job transfer situation, haven't paid either mortgages in lieu of trying to short sale our home to qualify, well now, after 8 months they want to auction our home. What can I do to prolong time, I just need time to wait for a transfer for 6 months. We are trying to short sale our home and have no offers. PNC is our primary mortgage company, and Green Tree is our 2nd.
1 ANSWER
Civil Litigation Attorney serving Federal Way, WA
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The lender will have to agree to a Deed in Lieu, and since there is a second, it is doubtful that they will. Depending on what stage you are in the foreclosure process, you could have as much as a minimum of 4 months until a sale. A foreclosure of the first will eliminate any residual debt on that loan, however the second can pursue you personally on its loan. If you live in Washington state, you can take advantage of the mediation program which will delay a sale until a mediation is completed. You should contact a lawyer or housing counselor.
Answered on May 02nd, 2013 at 1:49 AM