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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 19677
Experience:  B.A.; M.B.A.; J.D.
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I reside in California and will most likely be loosing my

Customer Question

I reside in California and will most likely be loosing my primary residence in the near future either through a short sale or Deed in Lui. I have a family member who wants to replace the home I will loose with something modest. My question is will the lender see that as an asset to attach? As a recently widowed mom of 2 I need to move on and the current home is not affordable as circumstances have changed dramatically! It is a long story.
Submitted: 1 year ago.
Category: Legal
Expert:  Phillips Esq. replied 1 year ago.

Yes. The lender would see that as an asset and this may make the deed in lieu or short sale arrangement difficult for the lender to accept. It is prudent to have the family member wait if practicable until after the short sale or deed in lieu has been complete to transfer title to you.