Legal Question in Real Estate Law in Oregon

Signing back a house to a lender

I was informed that there was a way that I could sign my manufactured home back to the financial institute. I can not afford it any more on my limited income. I was told that there is a form called ''Deed in lieu of foreclosure'' that allows me to sign it back to them. Is this possible? Will I be responsible for what ever they can not sell the place for? Please let me know.


Asked on 9/20/07, 2:13 am

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: Signing back a house to a lender

It is very likely that you will be held responsible for the difference between what you owe on the manufactured home and what the bank is able to sell it for.

The only way to avoid this is to reach an agreement with the bank that prohibits them from getting a deficiency judgment against you. I cannot tell you whether the bank would be willing to do this or not.

Read more
Answered on 9/20/07, 1:10 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Oregon