Home Loans and Support

When to negotiate the Deed in Lieu

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by UniqueSituation, Nov 9, 2008.

  1. UniqueSituation

    UniqueSituation LoanSafe Member

    Hello!

    Quick summary of where I am at. I have my 1st and 2nd with Indymac. I sent in my paperwork for a loan mod on 9/12/08. The 2nd was approved within 2 weeks. I am still waiting on the 1st to be approved.

    Unfortunately, my circumstances have changed since requesting the loan mod. My current company (which I am a partner in) has been hit hard by the economy and I have not been able to pull a paycheck for the past couple of months. I don't know when my 2nd will be "reviewed" or even if it will be approved, but given my new financial situation, I won't be able to qualify.

    Knowing this, and the fact that I still have not received my NOD letter, when should I offer the Deed in Lieu to Indymac. A short sale is impossible as my home is over $260K upside down.

    Any suggestions are appreciated. This whole thing is just devistating to me.

    Thanks.
  2. arcadiogtz

    arcadiogtz LoanSafe Member

    Try Chapter 13 till you get another Job or make some money till changer get better I am sure you can make the money you need and keep your home and negotiante the Principal and make payments even in BK 13 rty and get asvice from an attorne and HUD good luck

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