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You've never heard of a bank wanting someone to pay back the money they loaned to them?
Inconceivable that they actually want to recover their investment. How terrible of them to not just let you go scot-free and say "don't worry about it".
How about the banks pay back the billions they got in the bailouts? As a working taxpayer all my life I am more then sick of these big corporations getting help while the little guy gets none!
A bank in Florida told a friend of mine that she'd need to pay several thousands of dollars for a deed in lieu too, and she simply said "sorry, I can't afford it, you'll have to just foreclose." This particular bank was NOT really wanting to foreclose, so they ended up letting her do a deed in lieu instead with no money involved. I don't know if I'd be willing to call their bluff over such a large amount of money (the $400,000), but the banks have been known to lie. Definitely consult an attorney! A short sale might be another option that the bank will agree to. (We have our home up for a short sale right now.)
We are loosing our dream home due to the economy. The bank will accept a deed in lieu if we give them $25,000 over the next 5 years. Otherwise they said they will forclose and sue us for $400,000, which we don't have. I have never heard of a bank asking for money to do a deed in lieu. Is this normal? Do we have an alternate choice? Please help!!!
Its over 5yrs, just 5K a year...go get a cheap apartment and pay back some of the money you owe. Hopefully it will make you feel good to repay some of your debt.
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