My partner owns a home about two hours away from where we now live. Because the area is quite financially depressed and 2008 didn't help matters either, he is a good $25k underwater on a home that's worth about $30k.
The house has sat vacant for more than two years since renting in that area is troublesome at the very least. Realtors have been hesitant to list it since it is hard enough to move pristine properties in that area, let alone something anywhere near a "fixer-upper."
We need to get it gone in 2013 for a variety of reasons and have recently started dealing with ING Direct which is transititioning over to Capital One 360 early next year. Based on advice from our lawyer, my partner called up and asked for a deed in lieu of foreclosure even though we have not defaulted on the loan. ING Direct at first said they didn't deal with those types of instruments, but then backpedaled into urging us to get the property listed and then see what they could do. That's all fine and good if there were buyers in this market, which there aren't very many of.
Basically, I'm wondering if anyone out there has had any experience with ING Direct in the realm of Deeds in Lieu of Foreclosure or Short Sales or Foreclosures. Please post up your stories and how things got resolved. We're really trying to offload this property in the first quarter of the year and move on with our lives....
