deed in lieu

[StephenHarrison]

Hello to all
I am new to this site and would greatly appreciate your advice.
I purchased a townhouse in Florida a year ago as an investment. Due to very poor returns on rental, I put the property up for sale last Nov 07. I have fallen into arrears with the mortgage payments and had asked the bank to consider Deed in lieu. I have just received word from them that they have not accepted this. I currently live in the UK and don't want to save this property but also don't want the bank to come after my property in the UK. Is there anything I can do?

[hopenowhomes]

I would visit (removed link) for a free mortgage analysis!

[Matthew Pyle]

You also want to watch with the DIL - the same as with any short sale options you may pursue, the tax implications for the following year. Thats becoming a bigger and bigger problem for all the borrwers who leap without looking. Make sure you speak with a tax professional who can give you an idea of how you will be affected.

[jason123]

I would speak to a Florida Real Estate Attorney.

[bobbyjacobson]

My house was in foreclosure and I was about to give up hope when my sister gave me thios website to check out www.loanmodassistant.com. She said her friend got a modification on her home mortgage and the site made it simple. So I gave it a try I also used coupon code tomsdiscount to make the price only $150. It walked me through what to say to homecomings and even printed up the documents that homecomings wanted faxed to them. After 6 weeks they granted me my modification. They put the back owed amount and fees on the back of the loan and gave me a 7.0% fixed for 5 yrs. I hope this can help other struggling homeowners who are in a similar situation.