For those who followed my original post about deed in lieu of after 18 years.

Yesterday at 5PM I brought all my paperwork to be signed by mortgagee including the DIL of and surrender letter. He and his boys were there just finishing up the empty out of the property -- that one stipulation-- turn over but place needs to be empty. They had a dumpster they filled. My Notary was waiting and the witness was girlfriend of one of the kids. (Men)

Started at 5PM and done at 509PM. Had about 6 pages needing sign and notarized. His X had already Quit Claimed her ownership interest and since we were the lenders we accepted that. Felt bad for the guy in one way-- he was my age and I've known him and his family for 20+yrs. He was really embarrassed by all this and I tried to make it as easy as possible for him by not making a big deal out of it. What shocked me the most-- he use to be a 250lb guy 6 ft tall. Was hunched over and now about 150 or 160 and had to support himself. That pained me to see.

He signed it over- we accepted. No ads in the legals, no court for eviction and NO RUINED HOLIDAYS. Just moving forward.

If I follow correctly, the man paid for what, 18 years? So, he likely paid off your investment of the home and any repairs/improvements you made when you turned it over to him. Plus, he paid the insurance and taxes for the last 17 or so years.

It sounds like you came out OK. Sad for him, because he was on the principle side of the equation, but when your health goes, it goes. It was easier for him to turn over the keys and do DIL with a private mortgage holder than with a big bank.

You get to either rent it out, with a repayment of what - 8 months? Or you can put it back on the market and try to resell it. If you get a down payment of your flip costs and your closing costs, the rest is profit.

I was kind of surprised Barb that his boys didn't do that until yesterday. They tried investing together and it went south. In fact thye wanted to know if I would buy their rental property...