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some suggestions

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hillibilli Joined: 01 Aug 2009 Posts: 3 0.00 Dollars($)	Posted: Sat Aug 01, 2009 5:06 pm    Post subject: some suggestions Like 0 Dislike 0 My husband and I are in the unfortunate position of losing our house. I spoke with our lender today to see about possibly doin a deed in lieu of foreclosure. I was told that I need to fax to them within 24 hours paystubs, reason for default and a listing agreement. My question is whether or not it is common practice for the lender to ask for a listing agreement. I'm a little confused as to why we would list our house if we are going to deed it back to the lender. The customer service person I spoke with wasn't too helpful and left me more confused about our situation than I was to begin with. If it helps in answering my question, our home is located in Sacramento, CA and we purchased it in September 2006 for $365k and recently received a letter from the county assessor stating that our property has been reassessed for 2008/2009 at $346k
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Aug 02, 2009 8:51 pm    Post subject: Like 0 Dislike 0 Hi hillibilli, The lenders need a listing agreement from you because, he will have to list the property in the market first and look out for buyers. If he gets buyers, then he will ask you to transfer the property to him so that he can sell off the property. However, you should note that a deed in lieu will lower your credit score by 250 points. _________________ Procrastination is the enemy of your financial success
hillibilli Joined: 01 Aug 2009 Posts: 3 0.00 Dollars($)	Posted: Sun Aug 02, 2009 11:43 pm    Post subject: Like 0 Dislike 0 Thank you and appeciet your response
hillibilli Joined: 01 Aug 2009 Posts: 3 0.00 Dollars($)	Posted: Sun Aug 02, 2009 11:44 pm    Post subject: Like 0 Dislike 0 By the way how much credit score will I loose if I go for foreclosure
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Aug 04, 2009 12:27 am    Post subject: Like 0 Dislike 0 Hi hillibilli, Your credit rating will go down by 200-250 point once your lender forecloses the property. Thanks

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