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| hey, in deed in lieu the deficient amount is forgiven by the lenders. I guess the amount owed on state bonds will also be forgiven. It's better if you can check out with your lender. |
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NC G
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Post subject: Deed in Lieu |
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| Are Deed in Lieu available in all states. |
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scared in a scary market
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Post subject: deed in lieu |
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| Is the borrower still liable for the difference between what the mortgage is for and what the home is worth? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi,
To NC G,
As far as I know, yes, deed in lieu is available in all the states.
To scary,
In a deed in lieu, the lender forgives the deficient amount resulting from the sale of the property. However, you should remember that you will be liable to pay taxes on that deficient amount.
Thanks.
_________________
Good is the Enemy of Great. |
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pab765
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Post subject: Deed in lieu |
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| Do you have to live in the house to file a deed in lieu? Our daughter lives in the house. We bought it for her and she is not paying and we cant pay for it. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hey pab,
As far as I know, you do not need to live in the house for which you want to file a deed in lieu. If you are delinquent on payments, you can apply for a deed in lieu. However, it will be discretion of the lender whether he will accept a deed in lieu or not. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
_________________
Procrastination is the enemy of your financial success |
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pab765
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Post subject: deed in lieu |
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| Thanks!! We are not late on the mortgage. Being late would make our credit card rates rise. Will a deed in lieu make them rise also? |
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| It may or may not affect your credit cards Pab. I guess it varies from lender to lender. |
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Cheryl
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| I have a home that is worth more than the loan. Due to the death of my husband, my income has been cut more than half. I cannot offer the home and have made payments from life insurance money. Bank has already modified payment once. I do not want to loose remaining amt of life ins on a home that I will get no equity from. It has been on the market for 6 mos with no luck. What should I do?? |
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Cheryl
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| I meant the loan is more than the value of the home. |
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mona penner
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Post subject: deed in liew of foreclosure with 2nd mtg. |
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| What happens to the second mtg. if the borrower and 1st mtg lender agree to a deed in liew of foreclosure? |
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dave
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Post subject: deed in lieu or forclosure |
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| is there a differanance in credit scores for forclosure or deed in lieu. is a deed in lieu lookede at differant |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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A deed in lieu lowers your credit score by 250 points. It is same with a foreclosure as well. A foreclosure remain in your credit report for at least 5 years from completion date and if you want to take a mortgage between 5 and 7 years, then you can only purchase a personal residence and you will have to give a minimum of 10% down. After 7 years you can get normal rates. A deed in lieu remains on the credit report for 4 years from completion date and it also requires a 10% down payment between years 4 and 7.
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WJBROWNE@TOPEKA.ORG
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Post subject: DEED IN LIEU OF FORECLOSURE |
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| WHEN YOU USE THIS PROCESS OR OPTION- DOES THIS INCLUDE THE CONTENTS OF THE PROPERTY? (FURNITURE, APPLIANCES, ETC.) |
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billy bob
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Post subject: deed in lieu |
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Hi Deborah, I currently am up to date on the payments of my home but the payments have gone up and I will not be able to afford it anymore. Also my home is worth less than I paid for it. Is a deed in Lieu my best option?
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