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Posted over 2 years ago.

Thank you so much for your advice!

James P. Frederick
James P. Frederick, Estate Planning Attorney - Livonia, MI
Posted over 2 years ago.

Along these lines, I have also had PRs successful at getting the lender to pay the estate, for a deed in lieu of foreclosure. The payment will depend on the attractiveness of the property among other factors. But you might be able to get them to pay $5-10k for you to walk away. Understand that they will eventually own the property anyway, through the foreclosure process. Your agreeing to provide them with a deed saves them the time and expense of foreclosing, plus the delay of waiting out any redemption period that might apply. This also saves them the reduction in value that follows foreclosure. It is worth something to them to avoid all of this. Progressive banks realize this and are willing to negotiate. Best of luck!
James