QUESTION
I was advised to do a deed of leiu on my home. After calling the bank they want me to do a short sale first then the deed of lieu.
Asked on Feb 08th, 2012 on Real Estate - New York
More details to this question:
house was on market for a year no offers, and was reduced 2 times. Bank would not work wiht me. Something doens''t feel right about what the bank is asking me to do. I have not found anyone else that had to do the short sale first. Sounds like they are still tring to get money that I don''t have.
1 ANSWER
1 Award
These two options do not go together. You do one or the other. Banks do not like deeds in lieu because it does not clear title, whereas a short sale does. Do the short sale, so long as it does not cost you anything. Contact a lawyer about your options.
Answered on Apr 01st, 2012 at 9:27 AM