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jay54
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| I should mention I live in Illinois |
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Jackie
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Post subject: Deed in lieu of forclosure with a second mortgage |
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| It is possible to obtain a deed in lieu of forclosure with a second mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi,
To jay,
As your name is on the title of the property, I think your signatures will be required by the lender. But you will not be liable for the mortgage payments in any way. Also as your name is not on the mortgage note, your credit will not be affected. It will be your ex-girlfriend's credit that will be affected.
To Jackie,
It may be possible to get a deed in lieu foreclosure on the second mortgage but then you will have to pay the first mortgage in full. Otherwise the first mortgage lender will object to the deed in lieu foreclosure.
James |
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JR
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Post subject: Deed in Lieu of Foreclosure |
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Hello,
Wanted to clarify a question & answer that I received.
As a reminder, I am current on all payments for a property.
If I give the property back to the lender, who sold to me via Seller Financing, will I incur a tax consequence when he receives back the property @ the mortgage balance although I am current on all payments? The mortgage balance would be the pseudo "Sales Price" for the property.
Thanks & have a great day.
Semper Fi!!! |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi JR
In my opinion, if you are receiving any money from that person then you may have to pay taxes. If the sale price does not cross the exemption limit, then you will not have to pay the taxes.
Thanks.
_________________
Good is the Enemy of Great. |
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Ray M.
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Post subject: Request for information. |
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| I am attempting to negotiate a Deed in Lieu on my principle residence with a lender. My house has been on the market for over one year with no sale or offers. The lender's requirements for a deed in lieu arrangement indicate that the home must have been on the real estate market for over 90 days. When told that my residence has been on the market for over one year I was told by the lender that Freddie Mac and Fannie Mae guidelines require that my home continue on the market for an additional 90 days at a "short sale" price before they will even consider a deed in lieu arrangement. Is anyone aware of whether or not this statement made to me by the lender is true ??? Thank you very much for your time. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi Ray M.
As far as I know, the property has to be listed with the realtor for 90 days in order to get approved for a short sale. If your property has been already listed for 90 days, then I think the lender should agree to a short sale. In my opinion, you should seek a proper explanation from the lender about why he is not agreeing for a short sale. If he cannot give you a satisfactory reply, then you should negotiate about a deed in lieu foreclosure.
Thanks.
_________________
Good is the Enemy of Great. |
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David A.
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Post subject: Choices? |
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I currently recieved a new job in a different state. I purchased a second home in that state and my family has moved there. My old home in the area I used to live has dropped in value to a point that I owe more than it is currently worth. I have one primary loan and a line of credit drawn on the old home. I am not behind on any payments at this time, but lets just say budgets are tight. The house has been on the market for about 120 days.
My current plan is to contact a real estate lawyer, but this will add cost right now that I really can not afford if it does not help in the end.
Would I be better off calling the companies that the house is morgaged under first and seeing if they can let me short sell the home? If so how do I do this with two banks involved?
Would it be quicker to just go straight to a deed in lieu of foreclosure?
Can I do this without actually being behind on payments?
Can they attach leans to my new house if they don't get full repayment?
Thank you in advance!
David |
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Timmy
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Post subject: Died in lieu |
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I own a 2nd home in Saint Petersburg, Fl. I bought it in August of 2006 for $218k with a 80/10/10 loan with Wells Fargo (both first and 2nd mortgage are with Wells Fargo). The condo is now worth $70k at the most. My income has dropped and I have a baby on the way. I have $25k in one IRA, $65k in another IRA rollover, $20k in a 401k, and about $20k in CDs and cash. I can no longer afford the payments and I believe a died in lieu will be my best option. I am still current on my payments, but I have literally been paying the mortgage with my savings account. So eventually I will not be able to make the payments at all. Furthermore, I am having trouble even finding a Real Estate agent that is willing to list it. Do you think Wells Fargo would even consider doing a Died in Lieu? What should I do? Any advice would be appreciated. My wife and I are about to have our first baby, but I feel like we cannot even enjoy the experience because this is looming over our heads.  |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Timmy,
You should immediately contact Wells Fargo and tell them about your hardship. You will have to write a hardship letter to the lender and apply for a deed in lieu. But it is totally their discretion whether they will accept it or not.
Thanks,
Jerry |
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ROLF
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Post subject: deed in lue of foreclosure |
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| I HAVE CONSTRUCTION LOAN INEREST ONLY LOAN. THE HOUSE IS NEW BUT NOT SELLING. I NEED TO GET OUT NOW AND CUT MY LOSS'S. DO YOU THINK THIS IS THE BEST WAY OUT? PS THE HOUSE HAS BEEN 4 SALE FOR 18 MONTHS AND I CAN NOT AFORD TO DO THIS ANYMORE. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi ROLF
As far as I know, you will be able to go for a deed in lieu with your construction loan. But it will be the lender's discretion whether he will accept it or not. You should immediately contact your lender and speak to him about your hardship. But you should note that a deed in lieu foreclosure will affect your credit and lower your credit score by around 250 points.
Thanks.
_________________
Good is the Enemy of Great. |
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Terri
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Post subject: Mobile home |
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| I have a mobile home i cant afford, I own a house but need to try to do deed in lieu of foreclosure. I am not late on payments the mobile home was damaged by hurricane ike and I do have a 26,000.00 check made payable to me and mortgage co. how do I start process and can Ins check maybe help me bargain with them? Payoff is 55,000.00 Bought this mobile home new in 1997 and it was fixed rate but simple loan which accrues interest daily.. it will never be paid off any suggestions.... terri |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi Terri,
If you can afford to lose the mobile home that you have, then you can apply for a deed in lieu foreclosure. But as you have mentioned that you are current on your payments, I don't think the lender will agree for a deed in lieu. Normally lenders agree on a deed in lieu foreclosure when the borrower has defaulted the payments.
Thanks,
Jerry |
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nathalietamas
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Post subject: |
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| what happens if you have other property when you do the deed in lieu of foreclosure? Does the lender have the right to come after the other property? |
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