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  • Us too/deed in lieu of forfeiture

    Originally posted by hiptiger View Post
    We have gotten in over our heads and our quickly becoming house poor with the house we own. The house is worth about what we paid for it, but with the market we would lose and we couldn't afford to pay the realtor's fees. We have added to the house for the better. . Neither of us can make the payments alone. What is the best way to handle this...foreclose or deed in lieu? Do we need to see a bankruptcy lawyer or a real estate lawyer? We are not behind on payments as of yet...but are struggling. Any suggestions would be great. How do we avoid paying the lender back for losses? Or so it won't end up on our income tax?
    wife and I bought 7 acres with an owner finance on the property. We are trying to sell the property which we bought for about 150K. If we can not sell the property we were wanting to fill out a DEED OF LIEU OF FORFEITURE (AGREEMENT) AND A QUICKCLAIM DEED to hand the property back over to the seller and protect us from legal recourse from the owner we financed the property with. These two agreements have to be signed by us / buyer and her the owner/financer so the owner can get the land back and seller call sell the land again. The agreements would protect us the buyer from the seller taking the property and reselling it for what it is currently worth , say 50K and holding us the responsible for the remaining balance......150K - 50K = 100K. We are not sure seller will have the good will to sign these two agreements.

    My wife said seller did not see in our contract where there was another owner/ lien on the land. We were told that seller owned the property with no liens on it. But we did research and found that there was a lien on the land. That is the seller we bought this land from did not herself have the property paid off. Seller had just bought it a couple of months before selling it to us. If this is true can we have some legal recourse if seller does not agree to sign the DEED OF LIEU OF FORFEITURE (AGREEMENT) AND A QUICKCLAIM DEED to hand the property back over to the seller and insure seller will not resell the land and come back and try to make us pay the balance?

  • #2
    phil2, You added your question to a thread from 2007. You should have started your own new thread. I will start one for you.

    You also didn't furnish the name of your state.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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