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 kevin_zamora
Joined: 11 Aug 2009
Posts: 1
1.00 Dollars($)
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 Posted: Tue Aug 11, 2009 12:05 am Post subject: Deed in Lieu of Foreclosure |
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I live in Calif. and put my home up for sale last week and then proceeded to call my bank and ask them what I needed to do if I wanted to do a "Deed in lieu of foreclosure". To my surprise, they told me I had to put my home up for sale at Fair Market Value for at least 90 days.....If it hasn't sold at that time frame or nearly before the end of that 90 day time frame, I should call back and request a deed in lieu of foreclosure. They said I didn't need an attorney to accomplish this. The bank is Wells Fargo. Is this correct advice? Do I need to involve an attorney? I don't know how knowledgeable the person really was because I just called the loan trouble line.
Thanks for any info. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Tue Aug 11, 2009 2:33 am Post subject: |
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Most of the lenders have this criteria for deed in lieu of foreclosure and short sale. You will have to list the property in the market for 90 days and check out if you can get a buyer for the property. If not, then you should apply for a deed in lieu of foreclosure and try to sell off the property.
_________________
Good is the Enemy of Great. |
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kevin zamora
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| Posted: Tue Aug 11, 2009 9:38 am Post subject: pay the mortgage while pursuing deed in lieu of foreclosure? |
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| I have a equity line of credit (different lender) that I can still draw upon while I try to sell the house for 90 days. After 90 days, it will be nearly gone. THe equity line is small...about 30K. I am trying to sell my home at FMV and it above the value of both the first and equity line of credit (by about 30K). Is it smart or dumb to pay if I want to do a DILF if it doesn' sell? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Tue Aug 11, 2009 8:12 pm Post subject: |
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Hi kevin!
Welcome to forums!
A lender would accept a deed in lieu only if you are delinquent in your mortgage payments. However, being delinquent on your mortgage payments will effect your credit score and lower it by some points. You should first decide whether or not you want to save your credit and then take a decision.
Feel free to ask if you've further queries.
Sussane |
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Ashley0328
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| Posted: Tue Nov 03, 2009 5:29 pm Post subject: Wells Fargo |
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| Wells Fargo is a joke, they have told my husband and I several times they would do a deed in lieu. We were told to send particular info and we didnt multiple times, everytime we call they say they never received it and there is nothing on file. Not a single person we are tranferred to knows anything about our case. Good luck!! They are ridiculous and will give you the run around and when you finally get sick of resending and resending they will say the request is denied. They just want to foreclose and buy time by telling you they are considering a deed in lieu. |
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| Posted: Tue Nov 03, 2009 8:28 pm Post subject: |
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| Thanks for sharing your experience Ashley... It would help people like us in deciding whether or not we should go with such a company... |
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