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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hey WJBROWNE,
As far as I know, in a deed in lieu foreclosure, only the property is sold. You can take away your personal property while leaving the house.
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Procrastination is the enemy of your financial success |
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Zee
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Post subject: Deed Of Lieu |
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| I bought a house for a friend down in florida, we bought it the year of 2006, he was paying for it fine until now, he told me he lost his job and is not able to make anymore payments on it and I have my own apartment here in NJ where I do not make enough for the house in florida, I am now 2 months behind and have placed the home for shortsale - but yet I have not received any offers - I asked the mortgage company for a deed of lieu, I wanted to ask how long does this stay on your credit report? And if with a Deed of Lieu do I have to go bankruptcy? Please help, I am lost and confused. |
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Stevie
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Post subject: DIL Question |
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| What are the income tax ramifications of a DIL? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome Stevie,
In deed in lieu foreclosure, as the lender forgives the deficient amount, you will be liable for paying taxes on that forgiven amount.
_________________
Procrastination is the enemy of your financial success |
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marie jean
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Post subject: title lost |
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| If the county givea copy of the deed in lieu, can I do a deed in lieu of foareclosure whith it? |
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marie
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Post subject: title lost |
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| can I do a deed in lieu of foreclosure which a copy of title from county where the house is registred? |
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pwebb
Joined: 15 Jan 2009
Posts: 2
1.48 Dollars($)
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Post subject: Once in a lifetime option? |
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| I heard that deed-in-lieu of foreclosure is a once in a liftetime option. Is this true? |
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Fugi
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Post subject: DIL on 2nd mortgage |
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Hi,
I currently have a second mortgage on my house because we did 100% finance. I just got orders (military) to Germany and we cannot sell the house due to the economy and failing house prices. If I do a deed in lieu of foreclosure, how does that affect my 2nd mortgage? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome Fugi,
If the first lender goes for a deed in lieu foreclosure, still you will be liable to pay the second mortgage. The second mortgage company will have all the rights to ask you to pay off the dues. If you do not pay it off, they can charge off the loan to a collection agency who will in turn collect the dues from you.
_________________
Procrastination is the enemy of your financial success |
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rt
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Post subject: deed in lieu |
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| Can you be current in your payments and still do a DIL. Is it worth the credit to keep making payments until the process is over? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hey rt,
I don't think the lender will agree to do a deed in lieu foreclosure if you are current on your payments. To know more about deed in lieu, check out the following page:
http://www.mortgagefit.com/deed-lieu.html
_________________
Procrastination is the enemy of your financial success |
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shazam
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Post subject: deed in lieu |
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| hi I live in bend oregon where we have seen our median home value fall fom 398000 to 220000 I have been trying to sell because I would like to move-at this point I'm able to make payments but really want to leave. Can I do a deed in lieu without hardship-I am currently offering it below what I owe-no takers. How do you avoid being taxed to death should the bank sell for some crazy low price like they have been doing? Who helps you through the process. thanks so much |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi shazam,
Lenders do not agree to a deed in lieu if you are not delinquent on your payments for at least a month. Moreover, the lender will always want to know as to what circumstances led to the non-payment of the debts in your part.
In case you default on your payments and go for a deed in lieu, the deficient amount resulting from the sale of the property will be forgiven by the lender. But you will be taxed on this deficient amount. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Thanks |
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Larry Altherr
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Post subject: Deed in Lieu |
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| I purchased a house 2 years ago for 518,000, 10% down and have never been late. This new community was never finished and houses are down as much as 33% and still not selling. I have a Small historic hotel and have to make sound business decisions, unlike what the lending institutions have done. Bracing for what may be slower times, I want to eliminate poor investments, one of which is this house. It is my primary concern to protect my business, which has been successful for the past 15 years, and giving the house to the bank and moving into an apt I own makes since even though I will loose what I have invested in the house. I am not destitue yet but I would be if I used the same business practices as those of the lending institutions. Can a deed in Lieu of release me from this property? I am currently in contact with B of A but so far have been told since I am up to date with all payments, they will do nothing. I am trying to be pro-active in heading off problems. Thank you |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Larry,
It is good to see you being pro-active and taking steps to save your business. It is true that a bank will not agree to do a deed in lieu or a short sale if you are not delinquent on your payments. You can try listing the property in the market yourself and see if you can get buyers for the property. But you should also remember that if you sell off the property, the lender will call the mortgage due immediately.
Thanks |
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