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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Hi Saundra.
Welcome to the forum.
You have already with the bank for the forbearance. So the bank may not agree for the deed in lieu now but you should at least inform the bank that you want to get for deed in lieu of foreclosure.
Best of luck,
Larry |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: deed in lieu after forbearance |
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Hi Saundra,
Is it that you don't want to continue paying the mortgage any more? because if you've been offered a forbearance, that's pretty good considering the credit effects that a deed in lieu may have.
In most cases, if the borrower fails to follow a forbearance plan, the lender may consider approving a deed in lieu. But in your situation, is there any payment problem with the forbearance plan?
Take Care |
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saundra
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Post subject: dil |
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thanks for the info. the forbearance is only for 90 days. i'm already "in the hole" on the house, and would just like it to go away if i don't get any offers. it will go to a short sale if no offers come in but i have heard that
a dil is easier, faster, and a little better on credit. is that right?
thanks,
saundra |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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No that is not correct a short sale has less of an affect on your credit. They both will take some considerable time; however, hang in there we are here to walk you through the process.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: deed in lieu has greater negative impact |
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Hi Saundra,
The deed in lieu has greater negative impact on the credit score, though you can avoid paying the deficiency. Know more on credit effect of deed in lieu .
Thanks. |
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BERNARDO
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hI
Mu wise and me refinance our house the last december
Since then things been change in our lives
I wanted to sale my house but because she is in the title I can not put it
in the market without her consent, she abandoned me and I do not know for how long. (she does not want to sale)
I was thinking that the only way is to apply for deed-in-liu.
My question is: in this case do I need her consent to apply for dee in liu
Thank you
Bernardo |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Welcome Bernardo.
As your wife is also an owner of the property, you should take her consent to go for the deed in lieu of foreclosure. Is she also on the mortgage too? Who is making the monthly mortgage payments?
_________________
Good is the Enemy of Great. |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Post subject: |
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Welcome Bernardo.
Sorry to hear about your unfortunate situation. If your wife is on the title then you will not be able to do anything without her consent. In addition, she will have to sign for any type of transaction and/or transfer of interest in the property.
Even with a deed in lieu she would have to sign her interest over to the mortgage company.
Is their any way for you to get in touch with you wife? |
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Xochitl
Guest
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Post subject: dil |
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Hi,
I recenlty lost my job, and my husband's paycheck isn't enough to pay our mortage payment. I am currently two months behind on my mortage payment.
My house is on the market as a short sale and I have a couple of offers. My bank is reviewing these offers, but it may take two more months for them to respond if they accept any of the offers.
My bank has told me that if I am three months behind on my mortage I can do a deed in lieu of foreclosure.
My question is what affects my credit score more:
a deed in lieu of foreclosure
or
being six months late on my mortage and short selling my home?
My husband and I want to to get out of this ASAP so we can start rebuilding our credit and get another home that we can afford only with his income. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi Xochitl,
Welcome to forums.
A deed-in-lieu affects the credit score more than 6 months late and short sale. The bank may have suggested a deed in lieu if you're 3 months behind. But it's only verbally said. So, I think you try out with short sale first in case you get a good offer. How's the market like there in your county?
I'm suggesting a short sale as because I feel it's going to hurt your credit less than deed in lieu. However, if you go for the second option, you may be able to avoid paying any deficiency as such. It depends on you as to which one you'll choose since you are considering repairing your credit in order to buy another home.
Check out for more on how short sale and deed in lieu affects credit .
Thanks |
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skeeziks
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Post subject: Deed - in - Lieu and Liens |
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| Our client filed a "Warranty Deed in Lieu of Foreclosure" before we got a lien filed on the property for the engineering we did on the property. Since it is now under someone else's name,is it too late to file a lien on the property? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Post subject: |
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Hi Guest. Welcome to the forum.
Your client is not the owner of the property now? He has given the property back to the bank. So you cannot put a lien now on that property. But you can ask him to pay if he owes money to you. How much does he owe to you?
Best of luck,
Larry |
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Sandy
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Post subject: A Deed in Lieu of foreclosure based on my lenders neglegence |
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| I am involved in a short sale with my lender who stated the process would take less than 30 days. It is now 4 months later and I STILL have no response. I just lost my buyer. Based on their neglegence, do you think I have valid justification for asking for a Deed in Lieu of foreclosure and do you believe this is the right way to go for me and my future credit score? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: request for deed in lieu |
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Hi Sandy,
Welcome to the forums.
I guess you will be justified if you ask for a deed in lieu because the lender hasn't even stated why they're late in carrying out the short sale. And you've even lost the buyer. But frankly speaking it's what you know; you can't give them this explanation that you've lost the buyer because they delayed. I mean they won't listen. So, it's better that you call them up asap and simply ask them how long they'll be taking or what plans they have for you?
Obviously if you go for deed-in-lieu, it will affect your score even more than a short sale does. Know about credit effects of dil and short sale . But I don't think the lender wants you to avail a repayment plan or some other option that can help you keep the home. So, I guess a deed in lieu will be ok for you considering the fact that you can avoid paying the deficiency, if any.
take care |
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art
Guest
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Post subject: late payments |
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| i have an investment property in las vegas. i havent been able to make the last 2 month of payments and i am considering foreclosing, since i havent been able to figure out what to do. Is there any hope for me? what else can i do. I just don't want to loose my excellent credit score. Please help! |
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