We just signed a lease on a home to rent. Too good to pass up, so we decided to just go ahead and move now rather than wait until we get evicted. We've not yet gotten our notice auction, but our NOD has expired. Moving out labor day w/e. Do we need to tell the lender? Arrange for them to get the keys? Think they may still offer us cash if i tell them we've found a place but will only move out now if they want to do a cash for keys, and just say if they don't want to then we'll just stay as long as we can?
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I'm going to be in your boat in a month or two as we are surrendering and renting as well. Hopefully, someone who's been through this already will give us some advice. Was it hard to find someone to rent to you? That's my worry right now. -
Deed in lieu of foreclosure
Just a quick reply - research "deed in lieu of foreclosure" for your home.
Strong word of warning - do research on "ghost inventory" of court-ordered foreclosures, where the bank has not even *listed* the property for sale months or years later.
The deed owner remains liable for all vandalism, code violations, etc. until the deed transfers to someone else!
That also means the deed owner can live there "rent free"!
If you're "underwater" (where market value is less than your mortgage), you can't even sell the property as a short sale without "permission".Comment
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