Anyone with a deed in lieu success story?

[Help!]

Has anyone out there successfully negotiated a deed in lieu of foreclosure with their mortgage company? We have a first ($304K) and second ($44K) with the same bank. The second is a HELOC which was used for home improvement and debt consolidation. The fair market value of the home is about $350K. Can anyone comment on the likelihood that we will succeed in a deed in lieu to satisfy both loans?

[BK Overwhelmed]

I was successful in a Deed in Lieu. I negotiated with Countrywide on a home we had purchased in May of '07 then immediatley put up for sale after the contract on our original home fell through and we had double payments. We had both homes up for sale for 3 months and no contracts and couldn't afford double payments anymore.

I had a 1st and 2nd with Countrywide (an 80/15). So we owed $475k. It needed to be on the market for at least 90 days before they will consider a DIL. They looked at our income and did an appaisal. They accepted the Deed in Lieu long after we moved back to our original home. We started the process of negotiation (they wouldn't talk until we were late) in November and it finally recorded to the trustee in February of "08. They then turned around and already sold the home for $400K (we bought last year for $500K)

Good luck! It can be done but you have to be on the phone to your mortgage holder every day to keep updated and be prepared to wait 15 minutes each time you call to actually talk to the right person.

[Help!]

I was successful in a Deed in Lieu. I negotiated with Countrywide on a home we had purchased in May of '07 then immediatley put up for sale after the contract on our original home fell through and we had double payments. We had both homes up for sale for 3 months and no contracts and couldn't afford double payments anymore.

I had a 1st and 2nd with Countrywide (an 80/15). So we owed $475k. It needed to be on the market for at least 90 days before they will consider a DIL. They looked at our income and did an appaisal. They accepted the Deed in Lieu long after we moved back to our original home. We started the process of negotiation (they wouldn't talk until we were late) in November and it finally recorded to the trustee in February of "08. They then turned around and already sold the home for $400K (we bought last year for $500K)

Good luck! It can be done but you have to be on the phone to your mortgage holder every day to keep updated and be prepared to wait 15 minutes each time you call to actually talk to the right person.

Thanks for the reply! I stopped checking this thread because I was beginning to think there were no success stories. This is encouraging!