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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1411
Location: florida
236.76 Dollars($)
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 Posted: Sun Jan 01, 2006 8:34 pm Post subject: RE: |
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Hi Guest,
I can understand what you are going through and that too when the celebrations of the New Year are still on. But do not worry. I can assure you that you will be able to get out of this situation; the only thing is that it will take some time till you can come out of it.
Regarding the deed-in-lieu, I would say that in general a foreclosure has a more negative impact than a deed-in-lieu. This is because in the deed-in-lieu, you are giving up all your interest in the property to free yourself from the obligation of paying off the mortgage.
In Kentucky, generally judicial foreclosure is conducted and the process takes about 147 days. But I would suggest that instead of foreclosure, you better go for a deed-in-lieu. This will save your credit report from being damaged to that extent as in a foreclosure.
But before you proceed, you should definitely consult a mortgage attorney to guide you further.
Hope that you get over this problem soon and enjoy the New Year.
Regards,
Caron. |
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Jenny K.
Guest
0.10 Dollars($)
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| Posted: Tue Jan 10, 2006 12:36 pm Post subject: Deed in Lieu |
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My husband and I have had our home on the market for almost 2 years w/our current agent and a year with one prior to him. We had it near sold two separate time but both backed out at the last minute. In that time I had lost my job. We have stayed current on our payments until this month. We do not have the money to make our payment. I have been in contact with our lender since July of last year to keep them up-to-date on our situation and it's near impossible to get straight answers. We do have good credit but have fallen vicitm to some very difficult times. We want to be rid of this house. We have run ads and have had open houses our selves (with an agreement from our realtor) and this things just isn't selling. Can you give me specific details on how to go about the Deed in Lieu. We want to get this taken care of ASAP and done the right way. Should we look to a lawyer to make the calls? Thank you for your time.
Sincerely,
Jenny K. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1490
Location: MASSACHUSETTS
128.70 Dollars($)
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| Posted: Tue Jan 10, 2006 12:53 pm Post subject: |
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Hi Jenny,
Welcome to MortgageFit Forums.
This is a tough time you arte going through and I feel sorry for that but I strongly believe that you are going to come out of the situation soon.
Going through the details you provided, I don't think you will face much problem with the deed in lieu as you are current on your mortgage. So, you are in good view of the lender.
You need to talk to your lender as his acceptance is required in the process foe deed in lieu.
He is going to give you the process details and also may suggest if there is any alternative way possible.
It is better to involve an attorney in the process to be safe.
Feel free to ask if you have any more doubts. We shall be happy to help you and stand in support of you.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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william
Guest
0.10 Dollars($)
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| Posted: Fri Mar 31, 2006 4:25 pm Post subject: deed in lieu vs bankrupt |
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| We are in the middle of filling for bankruptcy. I was just told of a died in lieu. What would be better. What is better for for our credit when looking for a loan later. Thank you, God bless. |
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jameshogg
Joined: 20 Dec 2005
Posts: 1004
Location: nevada
125.78 Dollars($)
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| Posted: Fri Mar 31, 2006 5:19 pm Post subject: |
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Hi William,
Bankruptcy has serious negative effects on your credit history and score.
A deed-in-lieu requires some condition to be fulfilled and requires the lender's acceptance. They have already discussed under this thread.
Deed-in-lieu is preferable only if you have a place to stay. Both will have negative effects on your score but the effect of bankruptcy may be more.
Chapter 13 bankruptcy and deed-in-lieu both stays on your credit report for 7 years and chapter 10 stays for 10 years.
May be deed-in-lieu look slightly better in terms of getting a loan in future but lenders more often doesn't accept a deed-in-lieu due to title issues or the presence of other loans against the property.
James |
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INVESTMENT GONE BAD
Guest
0.10 Dollars($)
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| Posted: Fri Apr 07, 2006 10:52 am Post subject: |
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| We have an investment property that we have been unable to pay on for 4 months, and do not anticipate being able to pay on in the future. Our lender is in process of getting approval to do a deed in lieu, but in our negotiations they are asking if we would be willing to sign a promissary note to repay $5000. When I questioned where they got that figure from they said that was the minimum our lender would accept. Is this pretty standard or are they trying to take me for a ride? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1004
Location: nevada
125.78 Dollars($)
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| Posted: Fri Apr 07, 2006 11:32 am Post subject: |
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Hi,
As far as I know, HUD allows the lender to charge $2,000 for a deed-in-lieu. These funds are utilized to pay off junior liens so that the clearance on the title in obtained. The funds may also be charged to meet the requirements in Mortgagee Letter upon vacating the property.
You can ask for the basis on which they are charging the money and may get it checked with a real estate attorney.
James |
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Svetlana
Guest
0.10 Dollars($)
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| Posted: Mon Apr 10, 2006 1:37 pm Post subject: Deed in lieu |
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| I have a rental property, but rent payments don't cover my mortgage payments plus equity loan. I know if I try to give the property back to the bank, I will still have to make payments for equity loan. there is not enough equity to refinance as an investment property. It's hard to sell the property for the price, which would at least pay off all the debts. What to do? We can't handle additional payments anymore. Thank you |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.15 Dollars($)
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| Posted: Mon Apr 10, 2006 1:50 pm Post subject: |
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Hi Svetlana,
Why don't to discuss the matter wit your bank. When you say that you want to sell the property at least to get rid off the debts, that means that you are thinking of making any profits from the sale.
I shall suggest to talk about your financial condition with the bank and see if they agree to negotiate. You can request them for a deed-in-lieu under this condition.
Regards,
Blue |
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Angel
Guest
0.10 Dollars($)
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| Posted: Mon Apr 10, 2006 2:21 pm Post subject: |
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Hi,
Bankruptcy may be considered as another option under this condition but you should think of it only when all other options fail for you.
This may have serious impact on your credit score and history, but you can go for it if nothing positive comes out from all other efforts.
Angel |
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jeff
Guest
0.10 Dollars($)
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| Posted: Fri May 05, 2006 12:22 pm Post subject: can not pay on my house |
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| i went bankrupt and im trying to get back on my feet but my house payment is killing me. i have been in foreclosure for 6 months now and i dont know what to do im upside down. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1490
Location: MASSACHUSETTS
128.70 Dollars($)
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| Posted: Fri May 05, 2006 12:36 pm Post subject: |
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Hi Jeff,
Welcome to MortgageFit Forums.
I can understand your problems. These are difficult periods which come and go in everyone's life. So, keep your cool and don't get so disheartened. Things will definitely improve for you.
It's already a good sign that you are trying to recover from your problems. Now have you got any equity on your house so that you can get a home equity loan or may refinance the loan to get some easier terms?
You may talk to your lender and check whether you can get a solution from them. Lenders generally try to find out an alternative form for the payments. A deed-in-lieu may also be asked for if you don't want to keep the house further.
Just check what they suggest and you can always back here with the result so that we can discuss on it further and find out some more ways to recover.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.15 Dollars($)
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| Posted: Fri May 05, 2006 12:40 pm Post subject: |
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Jeff,
Talk to your lender as Samantha suggested. Definitely they will come out with a solution if you can explain your intention and your financial condition clearly.
With my personal experience I can assure you that generally lenders don't like to go into a foreclosure as it kills a lot of time and money.  Best of Luck.
Blue
_________________
Lets help each other. Try my blog |
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Rhonda
Guest
0.10 Dollars($)
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| Posted: Fri May 05, 2006 12:43 pm Post subject: |
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Hi Jeff,
Deed-in-lieu can be a good option if all others fail to avoid a foreclosure especially since you in a process to recover from the bankruptcy and will not like to ruin your credit further.
Though credit score is affected with a deed-in-lieu but, possibly it is less severe than a foreclosure.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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PJ
Guest
0.10 Dollars($)
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| Posted: Tue Aug 22, 2006 6:47 pm Post subject: deed in lieu of foreclosure |
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| I bought a beautiful condo in Denver april 2004 when I went through a divorce. Now I am planning to remarry but he lives out of state. I have retired early to do so and my income has been severely decreased. Although I have no other debts, I haven't been able to sell the condo myself or with a realtor in 9 months. No offers, even close to the loan amount. Is deed in lieu the best step? I have always had excellent credit. The market in Denver is depressed and the bubble has burst. |
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