Must you be present for a foreclosure/deed in leiu?

Question

Ok, so my boyfriend is in default on his home loan and will be doing a deed in leiu on the property. We are planning on moving across the country but have a time frame set around when the house process will actually be finished - 3 months or so. My questions is this. Does he actually need to be here while this process plays out or can we move now? We don't know if he needs to be here to sign papers or not, or what we actually need to do from here. If anyone can answer this question, I would greatly appreciate it.

Thanks again.

Answer 1

You can move now or whenever you want -- no reason to wait for the mortgage company. If there is any reason for you to have to sign anything, the bank can send you the paperwork and it can be signed, notarized, and sent back to them.

Just make sure they get his new address for any official documentation. You wouldn't want the entire DIL process to fall through because the bank sent paperwork to the old address and it was never forwarded to your new place after you move.

But in terms of signing papers, much of it will be done through fax. Any official documents can be done through the mail so the bank/county has the originals. Closings and other real estate transactions routinely take place across the country similarly.

Good luck.

ForeclosureFish

Answer 2

You do NOT have to be their to do a deed in lieu.  You just sign the deed and give it to the lender.

Answer 3

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