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    drobin75's Avatar
    drobin75 Posts: 1, Reputation: 1
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    #1

    Jul 30, 2018, 08:50 AM
    Deed in Lieu due to relocation
    Hi we recently relocated back to Louisiana from Ohio. We have a VA loan for a home which is currently up for sale in Ohio. Home has been refinished etc. but no takers even after dropping the price 30,000. Being 965 miles away from said house, I don't know how long we can keep it up for sale, and not being able to take care of the house etc. How can we go about doing a deed in lieu to no longer be responsible for the house. I'm not doing it because I cant afford payments, I would be doing it because of how hard it is to take care of a house 965 miles away.

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    talaniman's Avatar
    talaniman Posts: 53,915, Reputation: 10852
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    #2

    Jul 31, 2018, 06:57 AM
    https://en.wikipedia.org/wiki/Deed_i...of_foreclosure

    Because of the requirement that the instrument be voluntary, lenders will often not act upon a deed in lieu of foreclosure unless they receive a written offer of such a conveyance from the borrower that specifically states that the offer to enter into negotiations is being made voluntarily. This will enact the parol evidence rule and protect the lender from a possible subsequent claim that the lender acted in bad faith or pressured the borrower into the settlement. Both sides may then proceed with settlement negotiation. The Home Equity Theft Prevention Act in New York has created some confusion regarding this frequently-used method of settlement.[citation needed] It is unclear whether HETPA applies to deeds in lieu of foreclosure since there is no clear exclusion as there is for a referee's deed, for example. The 2-year right of rescission is not a risk that banks or title insurers are comfortable with, especially given the complexities of compliance, so many banks and title insurers in New York are not willing to work with deeds in lieu.

    This is what I found for Ohio

    Deed In Lieu Of Foreclosure Ohio

    However, you shouldn’t jump to filing for a deed in lieu of foreclosure in Ohio right way.
    There are many options you can discuss with your real estate attorney, and there are many situations a judge will listen to within mediation. A judge may give you leniencies on your mortgage payment depending upon the following situations...

    At least consult a real estate lawyer before you jump into this tedious process.


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