I have heard that banks are usually more then willing to take back a property or a “deed in lieu of foreclosure”, if there are no other liens on the property. Is this true?? What has been your experince with this?
Thanks, Joe
Howdy JoeDC:
I have had the bank ask me for the deed. They are not not there pushing it very hard but most will take a deed instead of foreclosing. I tried to give back one once and they said no that they would just foreclose. It just depends on the bank and if it is VA or Hud or private and other variables as well. You should just contact the lender in question and get their input.
LOL
As a loss mitigator, I hate doing deed in lieus. Remember, banks are not in the business of owning real estate. If I can entice you to sell your property yourself, at no cost to you, and even put a little cash in your pocket (if possible), and save you from foreclosure, and save myself a little work, hmmmm, let’s see which one would I choose?
Tip: Some banks have “Cash for Keys” programs where they will offer the homeowner money to move only in conjunction with a shortsale or deed in lieu. You, as an investor, will never be able to take advantage of these programs unless you ask for them.