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deed-in-lieu in Ohio

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  • deed-in-lieu in Ohio

    We had to move for work. We did a bridge loan to buy a house were we moved to. The bank paid off the 1st home mortgage with a equity loan with the first home being the secured debt. That gave us enough equity to make the down payment on the 2nd home with the secured debt on that home being the 2nd home only. They are not tied together. We had the 1st home on the market. It has not sold. We are upside down on the mortgage and now they will not extend the bridge loan. Both loans are with the same bank. What are the chances that they will take a deed-in-lieu on the 1st home and relinquish our debt on that property. Will they attach any difference to the 2nd home? We don't want to file for BK. We are afraid that they will forclose soon. help

  • #2
    They very well may deed in lieu of foreclosure if you contact them and start the process. Typically when you deed in lieu the bank will waive their right to seek any deficiency judgment against you. But in your case they may attach any deficiency on to your second property. It would be in your best interest to contact your lender, speak with the loss mitigation department only. They are the only ones that you need to speak with. Then let them know your situation and ask how it can be worked out. The bank does not want to take the property back but if they have to they want to do so ASAP. Contacting them is the first step to resolving the matter. Good luck and God bless!

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    • #3
      Thank you for responding to my post.

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