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Deed in lieu of Foreclosure?

Deed in lieu of Foreclosure?

This is a discussion on Deed in lieu of Foreclosure? within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; I own two homes. Both are upside-down. I want to keep the one I live in. The second home is ...

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06-20-2008, 01:00 AM

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Deed in lieu of Foreclosure?

I own two homes. Both are upside-down. I want to keep the one I live in. The second home is a rental and is valued at about $150,000. My loan on it is $210,000. I can no longer afford to keep it because the rent on it is $1,000, but the loan payment is going up to $1,500 or more because it's an option arm.I don't know what to do; I don't want to be foreclosed on. How can I convince the bank to take the deed in lieu of foreclosure?

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