Legal Question in Real Estate Law in Pennsylvania

Foreclosure

Our house is set to go to sheriff sale 8-15-08. Can we delay this and try to do a 'Deed in Lieu''?


Asked on 8/01/08, 4:00 pm

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: Foreclosure

A "deed in lieu" means giving a deed to the propoerty to the lender, instead of the lender's foreclosing. It would be deeding the house to the lender/mortgage company, and may be done only with the consent of the lender.

Lenders will not agree to a deed in lieu if there are any outstanding liens against the property.

You would have had to negotiate an agreement with the lender to do this, and it would not delay the sheriff's sale, but would take the place of foreclosing.

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Answered on 8/01/08, 4:20 pm


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