| Author |
Message |
dalypinky
Guest
|
Post subject: Condo Hotel |
|
|
| I have a condo hotel unit in Palm Coast Fl. and its on a five year balloon and I have 1 more year and can't afford the payments and they are not renting to cover the expenses. The loan is 240,000.00 and I put 80,000.00 down and have paid interest of 40,000.00 to date. Is deed in lieu a solution. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
|
|
Post subject: |
|
|
Hi dalypinky,
If you are already delinquent on your payments, then you can apply for a deed in lieu to the lender. But a deed in lieu will ruin your credit score and lower it by 250 points. Moreover as the deficient amount resulting from the sale of the property is forgiven, the IRS will charge taxes on this forgiven amount. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
_________________
Procrastination is the enemy of your financial success |
|
|
mita
Guest
|
|
Post subject: foreclosure |
|
|
| I own a home in NJ. I am renting right now ,renters r behind and i am 3 months behind in payments. I have moved to Ca. working 0on min wage, my husband died ,i have absolutely no money in the bank or otherwise,Even i am behind on my Ca rent now. and all bills too. what should i do. just go ahead with the foreclosure or try for deed in lieu ? Do i need to file for BK too? I have no clue ,i really need some advice |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
|
|
Post subject: |
|
|
Hi mita,
You should first try for a deed in lieu. Write a hardship letter to the lender informing him about your hardship. If the lender does not accept the deed in lieu, then you can go for foreclosure.
_________________
Procrastination is the enemy of your financial success |
|
|
Zee
Guest
|
|
Post subject: Deed Of Lieu |
|
|
| DO I need a lawyer to file for a DIL? I placed my townhouse for sale in the market and the 90 days is up - what should be my next steps? Please help... |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
Post subject: |
|
|
Hi Zee,
Did you write a hardship letter to the lender and applied for a deed in lieu? Once the lender accepts your hardship letter and your request for a deed in lieu, he will tell you what next steps you need to take. You can always take the help of an attorney. He/she will be able to help you in understanding the documents that will be given to you by your lender.
Thanks |
|
|
Kamila
Guest
|
|
Post subject: Can bank collect difference |
|
|
We purchased property as investment We want to know if after going through the deed in lieu, can the bank collect the difference after seling property? The property is in Florida.
Thank You |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
Post subject: |
|
|
Hi Kamila,
As it's a deed in lieu, the lender will not collect the deficient amount from you. The deficient amount will be forgiven but you should note that you will have to pay taxes on this forgiven amount.
Thanks |
|
|
Luisa
Guest
|
|
Post subject: DIL |
|
|
| I live in CO, but own a house in UT which we were unable to sell before moving. It has lost significant value. We owe 280,000 but same house in neighborhood is on short sale for 199,000. If we did DIL of foreclosure, will we owe the difference between actual value and loan amt? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
Post subject: |
|
|
Hi Luisa,
In a deed in lieu, the lender forgives the deficient amount resulting from the sale of the property. So you will not owe anything to the lender. But you should note that you will have to pay taxes on that forgiven amount.
Thanks |
|
|
Marilyn Thornbury
Guest
|
|
Post subject: Small hotel business |
|
|
| I would like a loan modification rather than a foreclosure. I can I do that. |
|
|
keyfla
Guest
|
|
Post subject: DIL |
|
|
| Can you use a deed in lieu of foreclosure on a mortgage on a residential lot? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
|
|
Post subject: |
|
|
Hi!
Welcome to forums!
To Marilyn,
You can contact your lender and check out if he agrees to a loan modification or not. In order to get a loan modification, you will have to be delinquent on your payments.
To keyfla,
Yes, deed in lieu foreclosure is available on a residential lot. You can contact your lender and apply for a deed in lieu. If the lender is convinced by your hardship, he will accept your request.
Feel free to ask if you have further queries.
Sussane |
|
|
anonymous (Jon)
Guest
|
|
Post subject: rental home ,no Renters ,Can I walk away |
|
|
I have a rental home ( bad investment property).Option arm loan ,well of course my initial idea like everybody else was to keep for a year or so and flip ,put the the profit against my personal residence that I paid too much for.
Can I just walkaway for the rental home ,give to the bank??What are the consequences.I can't afford to keep it(my work has slowed to about 50%).
The chances of renting it are slim ,can't get enough to cover the note.
Can I walk away ? how do I do that.
Jon |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
|
|
Post subject: |
|
|
Hi Jon,
Walking away from the property is not a good option. If you walk away from the property, the lender will have the right to foreclose the property. If the lender forecloses the property, it will badly affect your credit score. Your credit score will be lowered by 250 points. Apart from this, the lender will have the right to place lien on your other property if the foreclosure sale does not satisfy the loan.
In my opinion, you should speak to the lender about your hardship and apply for a deed in lieu or short sale. If you want to save your credit, short sale is the best option.
Take Care. |
|
|
Previous 1, 2, 3, ... 26, 27, 28, ... 70, 71, 72 Next 
