Legal Question in Real Estate Law in Maryland

Deed in hand in Lieu of Forclosure

3 months ago I was faced with a problem of no health insurance and being a person of many illnesses, heart, throid, reflux, diebetic, asthma, rhumatoid Arthritus and on many medications found I had to pay full price for medications and also doctors and tests. I am unable to pay the mortgage payment to rental property as I only have a small income now and can not rent or sell the property after many trys. I can not do without medications or doctors. I wanted Wells fargo to take the property back as, they gave me a choice of 3 options, then after giving them all the information they asked for I also picked deed in hand in Lieu of Forclosure. They now tell me it would not be in their best interest to honor my selection. I can not pay the monthly payments nor continue to keep up the property. It is in very good condition and worth more than the amount I owe, so I asked them to take the property. They continue to refuse me. What can I do? I have told them over and over for 3 months now to take the property and they don't send me the proper papers or agree to take it in payment for the mortgage what can I do? I am without money and live on a small amount of money $586.00 a month from pentions and also alimony combined. Please help.


Asked on 3/30/05, 12:05 am

2 Answers from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Deed in hand in Lieu of Forclosure

You should contact an attorney for assistance. For some reason, your actions appear to not be satisfactory to the lender. Other options may exist. (410) 750-2567

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Answered on 3/30/05, 8:34 am
Robert Sher Wagshal and Sher

Re: Deed in hand in Lieu of Forclosure

Lenders will usually accept a deed in lieu of foreclosure in order to save the costs of foreclosure, so there must be something unusual about your situation. There are people who make a living of buying houses from people in your situation to stave off a foreclosure, but of course they aren't going to pay you full market value. They advertise in local newspapers, post flyers in neighborhoods, etc.

For starters, you might want to seek legal advice through the pro bono legal services program in your county, through the local bar association.

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Answered on 3/30/05, 9:19 am


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