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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 693
Location: OHIO
123.43 Dollars($)
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 Posted: Tue Aug 22, 2006 9:18 pm Post subject: RE: Should one opt for deed-in-lieu? |
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Hi PJ,
Since you are saying that it has been quite difficult for you to sell your home alone or with the help of a realtor, then I think the best option is to carry out a deed in lieu. Perhaps the lender will be able to sell the property and get back the loan balance from the sale proceeds.
Have a look at our section on Deed-In-Lieu before you choose to do so. It is always better to learn and then try out different things.
Regards,
Jessica.
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jr
Guest
0.10 Dollars($)
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| Posted: Mon Sep 04, 2006 12:57 pm Post subject: short sale |
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| I owned a duplex that used to be my homestead but now I have the property rented for $2000 that covers 95% of my first mortgage payment without property tax and insurance. I also have a home equity line that I took out to fix the property I am living now. I am face with the situtation that I cannot keep paying for the equity line plus insurance and property tax. I was thinking to quit claim the property to my sister and try to to negotiate the equity line to be paid off for much less because according to the appraiser in the area I cannot sale the property for what I owed between the two mortgage. What to do, what is the best thing to do. |
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Marshall
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0.10 Dollars($)
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| Posted: Mon Sep 04, 2006 1:20 pm Post subject: |
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Hi,
Quit claiming the property to your sister will not have any effect on your mortgage payments. |
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Bolton
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0.10 Dollars($)
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| Posted: Mon Sep 04, 2006 2:19 pm Post subject: |
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One option is that you pay off your home equity line balance with a cash-out refinance of the primary mortgage you have.
Thanks |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Mon Sep 04, 2006 2:46 pm Post subject: |
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Hi,
Let me give you an example to explain what Bolton is trying to mean,
Suppose your home equity line balance is at $50,000 and the primary mortgage is $250,000. So, if you refinance your primary mortgage for $300,000, you get excess cash of $50,000 from which you can pay off the line of credit.
Thanks |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1428
Location: florida
240.05 Dollars($)
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| Posted: Mon Sep 04, 2006 8:28 pm Post subject: RE: Pay off credit line with cash out refinance |
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Hi Jr,
I think Colin has made it quite clear. Since you are thinking of paying down the balance of the equity line of credit, you can consider refinancing the existing first mortgage. By this I mean that you take a new loan against the duplex and pay off the existing loan against it. The amount of the new loan should exceed the balance of the existing loan. Now, after paying off the first loan, you can use the extra cash to repay the equity line of credit.
Thanks,
Caron. |
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RELOCATED
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0.10 Dollars($)
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| Posted: Fri Oct 27, 2006 11:31 am Post subject: JOB IS MOVING JUST BOUGHT HOUSE |
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| I CLOSED ON A HOUSE OCT 20 AND OCT 24 WAS INFORMED MY JOB IS TRANSFERRED TO A DIFFERENT STATE. HOW CAN I ELIMINATE THIS MORTGATE AND GIVE UP THIS HOUSE WITHOUT PENALTY SINCE I CANNOT OCCUPY IT NOW PLEASE? |
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Scholl
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0.10 Dollars($)
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| Posted: Fri Oct 27, 2006 12:27 pm Post subject: |
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| If there is no prepayment penalty then you can sell it off and pay the lender. You check your mortgage note as it is mentioned in it. Also talk with the lender and explain the situation you are in as it’s just been a week you have closed on the mortgage. |
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hudson
Guest
0.10 Dollars($)
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| Posted: Fri Oct 27, 2006 9:18 pm Post subject: cancel mortgage after closing |
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| As much as I know, you cannot cancel a home loan taken for buying your home. There are rare instances when the truth in lending act can help to cancel such loan. Technically, it is not possible to cancel a mortgage. There are a few rare instances when the Truth In Lending Act can work to cancel the loan, so it is better to pay it off and then move away. |
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yjaramillo5@hotmail.com
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0.10 Dollars($)
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| Posted: Tue Oct 31, 2006 12:25 pm Post subject: overwhelmed and quick to move |
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| Our house has been on the market for a while and haven't gotten any bites yet. My husband is disabled and he can't survive another excruciating winter in New Mexico. We want to move to Nevada where it is much warmer. My question is we want to buy another home but we can't afford two mortgages while one house is for sale we have a first and second on our first home. We are wondering if and when to ask our mortgage company for a deed in leui, how long does it take and what happens to the second mortgage? Is a deed in leui a better option than just letting our house go int forclosure? |
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Rebecca MacKinnon
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0.10 Dollars($)
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| Posted: Tue Oct 31, 2006 12:32 pm Post subject: |
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| Try to avoid foreclosure, as it has damaging affect on your credit and then in Nevada you will have difficulty purchasing your new home. If the house is not selling deed-in-lieu will be the option to choose. |
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jameshogg
Joined: 20 Dec 2005
Posts: 1038
Location: nevada
131.64 Dollars($)
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| Posted: Tue Oct 31, 2006 12:54 pm Post subject: |
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Hi Millo,
Instead of thinking about doing a deed-in-lieu of foreclosure you can also select an option called the Lease Purchase Option, in which you will rent a house in Nevada with the option for you to purchase that house during the term of the lease you will take the house.
What it will do is to allow you some more time to sell the previous home and be able to pay off both the mortgages.
A deed-in-lieu would have been a good option if there was only one mortgage on the house and not two. As now the 1st lender after the deed-in-lieu of foreclosure will take over the property with a lien of the second mortgage on it and might not agree for a deed-in-lieu for that reason.
Thanks
James |
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helping_user
Joined: 31 Mar 2006
Posts: 785
Location: Hawaii
146.34 Dollars($)
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| Posted: Tue Oct 31, 2006 11:42 pm Post subject: RE: Deed in lieu - a better option than foreclosure |
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Hi Guest,
It's disheartening to hear about your husband's illness. I must say you are a strong lady struggling to give your husband as much relief as possible. It's true that in your situation, it is indeed difficult to manage two mortgages and at the same time make arrangements for financing the new home.
Considering your situation, you can go for a deed-in-lieu. In case there is only one mortgage company, the company will get the title to the property and sell it to get back the outstanding loan balances. If the company thinks that it can recover the total debt amount by doing the deed in lieu, it will not go for foreclosure, as there are a lot of costs involved in the process.
However, if there are two lenders, then you will have to contact the first lender for the deed-in-lieu, as he has primary rights on the house. The first lender will in turn contact the second lender and other lien holders, if any on your property and deal with them in order to clear all the liens. The first lender will try his level best to sell off the property at a price which will help him to pay all dues and clear all liens against the property.
Thanks |
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annon
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| Posted: Fri Nov 17, 2006 12:59 pm Post subject: Deed in lieu of foreclosure' |
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A month after purchasing a home, my husband was hit w/a pay cut and his company would no longer pay for his dependents (me and the kids) health care. We refinaced our home to stay afloat and then 2 years later, my husband found an incredible job ... out of state.
We spent 9 months apart while trying to sell our home, my husband commuting back to hs family when he could. The house and neighborhood of our dreams finally became available at a very good price this past summer. So prayed, purchased the home, and relocated.
Now we have two mortgage payments and our first home has been on the market for over a year and has yet to sell or rent. We are current on all our payments as of now but are rapidly loosing money. Is a 'Deed in lieu of foreclosure' an option on an 80/20 loan (two different lenders) and a property that has monthly Home Owners Association dues? Just trying to look at all options, we don't want to have to foreclose or file bankruptcy. Thank you so much for your time and responses. |
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lary
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0.10 Dollars($)
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| Posted: Fri Nov 17, 2006 1:45 pm Post subject: |
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| Quote: | | Is a 'Deed in lieu of foreclosure' an option on an 80/20 loan (two different lenders) |
Deed in lieu of foreclosure will be possible if the first lender agrees to take over the house with the lien of second mortgage existing on the house.
If possible try to do cash-out refinance of the first mortgage and pay off the second mortgage from the money you get out of the refinance. You are still as of yet regular with the mortgage payments, so this might be done.
Lary Ebel |
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