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    VSHASH's Avatar
    VSHASH Posts: 2, Reputation: 1
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    #1

    Mar 27, 2007, 07:42 PM
    Is deed in lieu of foreclosure my only way out
    I was going through nasty divorced when asked by friend if I could help out his house
    Was being foreclosed on.Agent for bank contacted me who I knew I told him I did not
    Want to do this. He invited me to restaurant where after few drinks I was handed papers
    To sign.I told him I did not want to do this,having drank I signed papers. Two weeks later
    I was contacted again I told him no he said since I signed the papers I would be resposible
    For all kinds of costs. Also unknow to me he made my salary almost triple.Little did I know
    Lawyer for closing was involved in this scam. Person living in house has not paid mortgage
    Payments.bank wants to foreclse. I live in my house alone I am on the mortgage by myself but both parents on deed with me. I am afraid if house is auctioned loan amount might
    Not be covered and they can come after my house.I called lawyer who closed and she
    Told me I knew what I was doing. Is deed in lieu of foreclosure my only option
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 27, 2007, 08:31 PM
    You need an real estate attorney in your area very badly.


    First that is only an option if they will accept it, they don't have to, they can force foreclosure if they have a valid lien and then force you to pay the balance owed for any money difference

    Still not sure of exactly what you are talking about, but it sounds like illegal activities, which can void any agreement you signed, please get an attorney

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