| Author |
Message |
jerry
Moderator
Joined: 17 Oct 2005
Posts: 1772
Location: MICHIGAN
264.77 Dollars($)
|
Post subject: |
|
|
Hi Terri,
If you can afford to lose the mobile home that you have, then you can apply for a deed in lieu foreclosure. But as you have mentioned that you are current on your payments, I don't think the lender will agree for a deed in lieu. Normally lenders agree on a deed in lieu foreclosure when the borrower has defaulted the payments.
Thanks,
Jerry |
|
|
nathalietamas
Guest
|
|
Post subject: |
|
|
| what happens if you have other property when you do the deed in lieu of foreclosure? Does the lender have the right to come after the other property? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
|
|
Post subject: |
|
|
Hi nathalietamas,
In a deed in lieu foreclosure, the lender forgives the deficient amount. In that case, the lenders will not come after your other properties. But you will have to pay taxes on the forgiven amount as it will be considered your income.
_________________
Procrastination is the enemy of your financial sucess |
|
|
kcol
Guest
|
|
Post subject: What happens to 2nd mortgage |
|
|
| Owe about 10,000 more on property due to a 2nd mortgage. Is this taken into consideration in the deed in lieu or will 2nd need to be paid in full before we're allowed to release the deed? |
|
|
kcol
Guest
|
|
Post subject: Not late on payments either |
|
|
| As I'm reading more entrees...I guess I've answered my own question. Can't file for deed in lieu because we're not late on payments. Just living pay check to pay check by the skin of our teeth....especially since the economy has sucked all our money away the last two years. |
|
|
carolyn m
Guest
|
|
Post subject: seller 20% carry back |
|
|
We bought a house with 80% loan from the back and a 20% carryback from the seller. So we pay the back and interest on the 20% to the seller until we can pay them a balloon payment for the 20%. If we foreclose on the 80% bank loan what about the 20% from the seller? Do we still owe them, can they sue us or what?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
|
|
Post subject: |
|
|
Hi!
Welcome to forums!
To kcol,
Yes, lenders do not allow a deed in lieu foreclosure unless you are past due on your mortgage payments. However, I would still suggest you to speak to your lender and see if he can help you with any other option. May be he agrees for a deed in lieu foreclosure.
To carolyn m,
A similar question has been answered in the given link:
http://www.mortgagefit.com/foreclosure/seller-carryback.html#70653
You can check out the link. I hope it helps you.
Feel free to ask if you have further queries.
Sussane |
|
|
Bill23
Guest
|
|
Post subject: how long does it take |
|
|
| i submitted my deed in lieu earlier this year around febuary. how long should it take? i am on the verge of declaring a chapter 7. please advise. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
|
|
Post subject: |
|
|
A deed in lieu takes 90 days to complete after the process is started. I guess your lender has not accepted the deed in lieu option. Check out with your lender about your deed in lieu application.
By the way why are you filing Chapter 7?
_________________
Procrastination is the enemy of your financial sucess |
|
|
Rosa
Guest
|
|
Post subject: Calculating deed tax |
|
|
I live in California. My questions:
1) Does the Federal Relief Act apply to Federal taxes even in California?
2) How does one calculate the deed tax? |
|
|
millygirl
Guest
|
|
Post subject: deed in lieu |
|
|
can I still ask for a deed in lieu , even if there is est. $9,000 in equity on the house?? why can't I ask for a deed in lieu before I default on future payments...? If I place my house on the market....It will not sell...So, I am trying to be proactive and help my credit score as much as I can by not being late and putting my house on the market.
But, I still would like to ask for a deed in lieu....So, I guess my question is this...I am not yet late on payment...I have equity in my house...I will put house on the market. But there will not be enough time to sell without future hardship ....So can I still ask for deed in lieu?
Thank you, |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
|
|
Post subject: |
|
|
Hi,
To Rosa,
Are you speaking about the Mortgage Debt Relief Act? As far as I know, if a lender agrees to forgive the deficient amount, you would be taxed on that forgiven amount. With the Mortgage Debt Relief Act, borrowers can get a tax relief on this forgiven amount.
To millygirl,
If you are not late on payments, I don't think the lenders will accept a deed in lieu. Lenders generally do not offer the options of deed in lieu, short sale or loan modification if you are not late on payments. You can list the property in the market and see if you can get buyers. If you are not facing any hardship paying the mortgage dues, I would suggest you to keep on paying the dues.
Thanks. |
|
|
Rich
Guest
|
|
Post subject: California Tax Relief Act |
|
|
| When does this act take effect in CA. Thanks Rich |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
|
|
chrisgg
Guest
|
|
Post subject: foreclosure |
|
|
| We are facing foreclosure. We are 69 yrs old and my husband is in very bad health. He has been working but in Nov. his doctor said he could no longer work. We have been trying to sell our home since June with no luck. We have missed two mortgage payments now and the bank calls everyday. I have written to our bank(Chase) and asked them to please help us. Up to now our credit was excellent--never missed or been late on a payment in 50 yrs. I have asked the bank to let us short sale because of the economy. I don't even know if this will help. Our 401K is almost nothing and I don't know where to turn. We also have a second mortgage but it is with Chase also. That is what is making our mortgage so high. We have had to do this because of my husbands health. His medical bills are astronomical. Would a deed in lieu of forclosure help us?? |
|
|
Mortgage Problems and Solutions Forum
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Next 
