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jinniss · Joined: 13 May 2009 Posts: 1 1.49 Dollars($)

Hi, I bought a townhome for $110,000 in 2005, my first home, with an adjustable rate rate of 6.25%..this rate will change in 2010, now i know i won't be able to afford whatever the new rate will be. I haven't tried loan modification as yet because I am wanting to leave my community due to the voilence and neighborhood changing but also to take advantage of the low house prices. I haven't been able to get a buyer not even for $109,900 and my neighbor i see is doing a short sale for $65,000 and no takers. My credit is below 700 but above 670. By the way, the community looks very nice so i know its not aesthetic reasons why no one's buying. Should I do dee-in lieu? and how much do you think my credit will be impacted? what should I do?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

If dee-in lieu of Foreclosure is wha you are refering to, then typically this allows you to give up your property to the lender.

This will affect your credit score for sure. Probably the score will drop by 200 - 250 points. Also this will stay on your credit report for 7 years.

It may take 2 -3 years before any lenders can offer you a new mortgage.

smithsussane · Posted: Wed May 13, 2009 9:46 pm Post subject:

Hi jinniss!

Welcome to forums!

If you are delinquent on your mortgage payments, you can definitely apply for a deed in lieu foreclosure. However, it would be the discretion of the lender whether he would accept your request or not.

If your deed in lieu is accepted, then your credit score will be lowered by 250 points. Moreover, it will remain on your credit report for next 7 years.

Feel free to ask if you have further queries.

Sussane

Guest

If I apply for deed in Lieu, will I be ask to pay any bucks after ? Tax?

smithsussane · Posted: Fri Nov 06, 2009 10:55 pm Post subject:

Hi Precy!

Welcome to forums!

The deficient balance is forgiven after a deed in lieu of foreclosure. So, you won't be liable to pay any dues to the lender. As per your state laws, you may not have to pay any taxes.

Feel free to ask if you've further queries.

Sussane

Guest

have two investment homes...179K a piece in 06...now upside down...lucky if I get 100K...up to date on payments...but I need to cut my losses 'cause everything I earn is for the banks...don't see an end in sight...not rented 'cause people want'em for 700-900/m; sorry...new homes??? go live with section 8 folks...what say you...I know my credit will be affected...but for 7 years...how long does the credit gets affected in a short sale...

banker0679 · Posted: Thu Feb 18, 2010 10:24 am Post subject:

with FHA i believe it's now 3yrs you would have to wait to buy a home

7yrs means how long it will stay on your credit report and all negative stay about 7yrs minimum

Guest

I can't understand why a bank or mortgage company wouldn't go for a deed in lieu to save them money on a long drawn out foreclosure! Can anyone shed some light on this for me. This is what I am going to try first with my house. If that doesn't work, then probably bankruptcy.

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Should I do Dee-in-lieu?