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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Hi TTN!
As you have already listed the property in the market but got no buyer, I think the lender will not allow a deed-in-lieu. Still you can speak to the lender about both deed-in-lieu and short sale. It depends upon the discretion of the lender whether he will accept it or not.
Thanks,
Jerry |
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anonymous2316
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Post subject: deed in Lieu an option |
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I am trying sell my house for 659k the same amount i have outstanding. Obviously i am going to be short because of commissions. My bank has said DIL is an option instead of forclosure. My question is what is a good time for the house to be on the market to show that i am trying to sell it, which I am. 70 days so far. How do I intiate a dil before i get a forclosure notice, i am at 4 months behind in payments. Should I just pursue the short sale and face the embarrassment, since all the realtors will know and I am actually in the business, what a mess Help  |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi anonymous!
You are already behind payments for 4 months. I think you should accept the bank's option of a DIL. The more you delay, the chances for a foreclosure will increase. You haven't mentioned your state in the post. In some states a deficiency judgment can be passed where in you will be required to pay the deficient amount (balance amount - amount recovered from property sale) to the lender.
By the way, are you a lender?
Thanks. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.95 Dollars($)
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Hi guest,
It seems that you're a realtor. Well, if the bank has accepted a deed-in-lieu, I feel you should go for it. This is because a deed in lieu waives off the lender's right to seek deficiency payment. What you need to do now is, talk to the lender saying that you're ready to give away your property.
By the way, there's no such time limit as to how long a house can be on the market. the sooner you go for the deed in lieu, the better as otherwise the lender may initiate a foreclosure.
Regards,
Jessica.
_________________
http://jessica.mortgagefit.com/ |
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gilroy1943
Guest
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Post subject: deed in lieu of foreclosure |
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| what type of deed is used, like a quit claim deed |
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caddiet
Guest
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Post subject: deed in leiu |
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we are not behind in mortgage paymts. up to date.
paymt way to high and cant get refinanced because we owe more then house is worth and paying min. paymt each month, i owe to much in credit card debt to ratio ,,our taxes and our house insurance are included in the payment, plus the pmi.
my question is we are walking away from the house and handing over the keys to the mortgage company, calling it quits,,
how do i go about doing that ? |
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caddiet
Guest
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Post subject: giving deed back to mortg.co. |
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| just want to walk away from mortgage,,fast and quick |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Hi caddiet!
Walking away from the property will initiate foreclosure action. The lender will take away the property and can place liens or garnish wages if it cannot recover the whole debt. I would suggest you check the various options available with the lender.
You can try for a loan modification in which you will be given a loan repayment plan. Or you can also try for a short sale or a deed in lieu foreclosure.
Thanks,
Jerry |
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maria lowrance
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Post subject: deed in lieu |
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| I would like info on a deed in lieu... I have 2 properties |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Hi maria lowrance,
Deed-in-lieu is one of the ways to avoid foreclosure. In this process, you will have to sign away your property to the lender who will mark you a note saying that you have paid off the debt. The lender will then try to sell the property in the market and try to recover the debt. If there is a deficiency (amount owed by you - amount recovered from the sale), then there are chances that the lender will forgive that. However, in some states, the lender may file a deficiency judgment and ask you to pay it off.
For more information on deed-in-lieu, you can have a look at the given link:
http://www.mortgagefit.com/deed-lieu.html
Thanks.
_________________
Good is the Enemy of Great. |
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cj bailey
Guest
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Post subject: deed in lieu- michigan |
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We are 2 months behind on our mortgage payment ($330,000 balance due on a home with an appraisal of $600,000) to a decrease in income. We moved 250 miles for a new job so the house is vacant and in excellent condition. We have a property tax lien and association dues lien.We are contemplating a DIL and the lender has been open. We have tried to sell this house for over a year, even offering a short sale.
Question: Only my husbands name is on the loan. Will my credit also take a hit?Do we need to get an attorney? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Hi cj bailey,
If your name is not on the loan, then your credit will not be affected. If your name is on the deed, then you can pay the dues in order to save the property.
You have mentioned that there are liens on the property. Does the lender know that? You must inform the lender about the liens and also try to pay them off.
You can take the help of an attorney to negotiate with the lender or to draft the legal documents during the DIL.
Thanks,
Jerry |
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anonymous161
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Post subject: Other debts owed by Borrower related to the DIL property |
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| What happens to mechanics liens on the property that will be under the deed-in-lieu foreclosure? Do those disappear or does the Borrower have to pay them? |
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Sue
Guest
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Post subject: Deed in Lieu of Foreclosure |
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| What happens if you have a 2nd mortgage - an 80/20 loan? |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: mechanic liens after deed in lieu |
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Welcome anonymous.
Often lenders do not accept deed in lieu if there are mechanic liens on the property. And even if they accept, in most cases, they pay off mechanic liens such as second mortgage and others.
For more details on this issue, you may check out a previous discussion on How deed in lieu affects junior liens .
Thanks. |
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