I also get the question, what about in lieu of foreclosure second mortgage situations? In other words, what if you want to do a deed in lieu of foreclosure, but you have a second mortgage?

As a refresher, if you try to do a deed in lieu of foreclosure with a second mortgage, your first mortgage lender will say "no thanks." They will say they prefer going through a foreclosure and then getting your house back free from the junior loan. If you have a second mortgage, you might be able to do a deed in lieu to the second mortgage holder assuming you have some equity. But if you don't have equity, then they will not want to do a deed in lieu either. Why should they?

So be realistic if you have a second mortgage when it comes to a deed in lieu of foreclosure. And also, please get my free 25 page special report on how to keep your home, lower your mortgage payment without getting a new loan, lower your debts without bankruptcy, and other insider tips and techniques. I never give your email address or information to anyone and you can unsubscribe any time with one click. Thanks!