I have a few questions relating to deed in lieu of

I am sorry to hear that you are in a difficult situation.

If the bank is willing to go by way of a deed in lieu of foreclosure they must agree to give up any short fall after the house is sold. And yes they should agree to cover all property taxes owing.

In a foreclosure you are liable for taxes up to the point your name is ***** ***** the title. In a foreclosure they can sue you for the deficiency. The limitation period will start once they see there is a deficiency. The limitation period for suing is two years.

You cannot simply send them the keys. You need full and clear documentation before anything else happens. They will provide the documentation.

In a foreclosure the bank has to show it tried to get the best price but there is no way they will get as good a price as you will get. Clearly if you can sell the property yourself you will be well ahead.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Can't you find someone to sell it for you? You are going to get more money and not face foreclosure costs. The foreclosure costs are exorbitant. You have to pay all their legal fees.

You are very welcome.

I hope it works out.

It will depend on what the wording is in the agreement.

Generally they will want you to leave the appliances so they can get as much as they can for the house without putting money into it.

Let me know how it goes.

Thanks