Understanding a deed in lieu is fairly simple. You give your lender the house and they call it even. No more balance due on the loan. Advantage to the borrower -- immediate release of all indebtedness Advantage to the lender - lower costs vs. a foreclosure or bankruptcy In an article by Kenneth R. Harney of the Washington Post he tells us this transaction could be wrapped up in as little as 30 to 45 days. You can read his article in the Washington Post. HUD also has a FAQ page on their website with some great information. … (0 comments)
maryland mortgage advice: Subordination agreements are driving me nuts!!....
- 07/20/09 01:00 PM
.....................If you currently have a second mortgage, home equity loan, line of credit or anything that is a lien on your property, you will be required to have that loan subordinated or paid off when refinancing. And let me tell you, these bad boys are a nightmare! Currently I have been waiting over seventy five ( 75 ) days for one of these subordination agreements to be completed. Lenders move at their own speed. I have been told by Bank of America, Citi Mortgage and Citizens that they only take fax requests….. oh and by the way, it will … (1 comments)
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