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I have requested a deed in lieu on property located in

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Roanoke county town of Vinton...
I have requested a deed in lieu on property located in Roanoke county town of Vinton. Has been on sale market for 10 months. I am currently a Florida resident , how will a deed in lieu affect me. The loan is with 5/3rd.?
Submitted: 1 year ago.Category: Real Estate Law
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8/5/2016
Real Estate Lawyer: Loren, Lawyer replied 1 year ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34,921
Experience: 30 years of real estate practice experience.
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Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

A deed in lieu is a negotiated settlement. So, you can work out the terms with the lender. That would include cash for keys, the stipulation that the value of the property equal the unpaid balance (so that it is not reported as income to the IRS), and even how it is reported to the credit reporting agencies.

Your credit will take a hit, but do not be afraid to ask for these things from the lender.

You may also want to see if the lender would agree to a short sale. Then you could reduce the price.

In any event, you find it helpful to retain an attorney to negotiate for you. If you need assistance finding local counsel try Martindale Hubble (site rules prohibit us from referring specific attorneys) . Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:

http://www.martindale.com/Find-Lawyers-and-Law-Firms.aspx

It is a huge worldwide database searchable by location and specialty. The attorneys are all peer rated. So, they represent the top of the profession.

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Real Estate Lawyer: Loren, Lawyer replied 1 year ago

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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