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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54846
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Are deed in lieu negotiations harder to do when there are two

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Are deed in lieu negotiations harder to do when there are two mortgages on the house. One is an equity line. Both are with the same bank.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. If they're both with the same bank...no, the negotiations should not be more difficult. It's only when there are separate banks when a deed in lieu is almost impossible, because unlike a foreclosure, a deed in lieu doesn't automatically extinguish the second lien and thus unless the second lienholder agrees to release the lien, the deed in lieu doesn't get done; and unless the second lienholder is getting paid something, the second lienholder has no incentive to release its lien. When it's the same bank, that issue is not present.



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