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A. Reyes
Guest
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Post subject: Deficiency judgment |
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| Hello! There is no way to avoid any deficiency judgment? Are you always liable? I lost my job in NC and found another in FL; wife does not work (still looking) and I am trying to keep both payments, mortgage and rent while I sell my home up in North Carolina. I don't know for how long I could keep mortgage payments. What would be your recommendations either foreclosure or try to modify the loan! I do have a 1st and 2nd mortgage. Thanks for any ideas!! |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Post subject: |
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Hi A. Reyes,
If you are keen on keeping the property, a loan modification is a good option. It can help you manage your mortgage better as it can make your monthly payments affordable. Thus you can continue paying the mortgage at an affordable and keep the property.
But if you don't want to keep the property, you can go for a short sale instead of a full-fledged foreclosure and save some valuable credit scores. A short sale hurts your credit by only 75-100 points as compared to 250 of more points in case of a forclosure. But, you may be required to pay the deficient amount arising out of the sale of the house. However, loan modification would definitely be a better option, provided you can afford it.
Thanks,
Jerry |
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Shell
Guest
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Post subject: Deed in Lieu of foreclosure |
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| We own a business. If we do a deed in lieu can the government attach anything to the business? We have 11 properties, and can only keep one... |
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Alessandro
Guest
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Post subject: |
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Hi Shell,
As far as I know, a deed in lieu is applicable only to a real estate property, not to any business entity. If you intend to do a deed in lieu for your real estate properties, you can surely do that. I don't think the govt. will put a lien on your business in you do deed in lieu for your real estate properties. Moreover, in deed in lieu the deficient amount is forgiven and no lien is attached to your property. |
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MARSHA ELLIOTT
Guest
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Post subject: OCCU[ANCY |
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| CAN'T PAY MTG. PUTTING HOUSE ON MKT PRIOR TO APPLYING FOR DEED IN LIEU OF FORECLOSURE. MUST I LIVE IN THE HOUSE WHILE IT IS ON THE MARKET |
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MARSHA ELLIOTT
Guest
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Post subject: TIME LINE |
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| HOW MANY MONTHS DO YOU MISS BEFORE FORECLOSURE BEGINS |
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MARSHA ELLIOTT
Guest
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Post subject: OCCUPANCY REQUIREMENT |
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| HOW MANY MONTHS OF UNPAIN MTG BEFORE FORECLOSURE BEGINS |
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Bravo
Guest
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Post subject: |
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Hi MARSHA,
I don't think you will have to stay in the house while it is up for sale in the market. Usually, if you miss payments for 3 consecutive months, the lender starts the foreclosure process on the property. |
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anonymous p23
Guest
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Post subject: dil |
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| can you get adil with a second on the property |
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Bravo
Guest
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Post subject: |
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Hi anonymous,
You can get a deed in lieu on the first mortgage. I don't think getting a deed in lieu on the second will be possible. |
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4613welk
Guest
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Post subject: DIL |
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| I currently have experienced a drop in my earnings and my wife is out of work. We are currently one month behind going on 2 months at the end of March. When should we start on trying to get a DIL? Also during the DIL do you have to put the property on the market for 90 days? If so will the forecloser come before I can get the DIL completed? |
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vaughnwaden
Guest
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Post subject: 2nd mortgage |
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| can the second mortgage lender successfully foreclose on a property, when the first mortgage lender is current |
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Tinybuns
Guest
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Post subject: deed in lou of forclosure |
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| What is the penalty i will have to pay if i go with a deed in lou of forclosure? will i have to come up with the rest of the money if the house does not sell for what the debt is owed? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Post subject: |
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Hi Tinybuns,
If you go for a deed in lieu, you do not have to pay the deficient amount arising out of the sale of the house. The difference would be forgiven by the lender. However, this will hurt your credit almost as much as a foreclosure will do.
Thanks,
Jerry |
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Guest
Guest
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Post subject: |
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I am not sure how this factors in with my situation but the Deed in Lieu I have been offered requires me to repay $12k over 100 months. FYI -- according to Wells Fargo, this requirement is from the Mortgage Insurance company.
Be wise and try to do as much homework as possible-you can see from this and numerous other sites that answers vary and you may have to dig really deep to get the "right" answer. I even spoke with a HUD/FHA certified credit counselor and they could not speak to the exact credit implications. |
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