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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1490
Location: MASSACHUSETTS
128.70 Dollars($)
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 Posted: Sun Nov 19, 2006 10:58 pm Post subject: RE: Options to pay off two home loans |
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Hi Annon,
A deed in lieu can be an option to get rid of the first loan provided the lender agrees to take over the lien placed by the second loan. The first lender has to then pay off the second loan and thus clear the lien. Also, the lender has to take responsibility of paying for the monthly Homeowners Association dues.
However, I shall suggest that you don't think of deed- in-lieu right now. Rather, you should try to find out how you are losing money. By saying this, I mean that you need to think as to where you are spending more, how you can minimize your expenses, whether or not you plan your budget prior to spending. I think you should emphasize on these areas, as you are still current on your loan; so why go for deed-in-lieu and get a negative mark on your credit report? Give this a second thought and then if you feel you need any related advice or if there is option that you would like to discuss with this community, you are most welcome.
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Annon
Guest
0.10 Dollars($)
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| Posted: Wed Dec 06, 2006 1:22 pm Post subject: Thank you! |
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Thanks for your thoughts and suggestions! We've just been hit hard with large unexpected expenses, relocation, and more unexpected expenses these past few years and it has been draining on our resources. As soon as our other house sells, and we no longer have the burden of two mortgages, we will be able to start saving money again. Just wanted to look at options in case our account gets too close to $0.00! Would rather be prepared ahead of time rather than being backed in a corner.  Thanks again! |
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helping_user
Joined: 31 Mar 2006
Posts: 722
Location: Hawaii
135.04 Dollars($)
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| Posted: Wed Dec 06, 2006 11:08 pm Post subject: RE: proper budegting to stay away from zero balance |
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Hi Annon,
Welcome back.
I have gone through your previous posts so that I could understand your situation. Anyway, it's good to know that you"ll start saving within a short time. Savings are indeed very important as in our daily life we may require immediate cash any moment. And, we can save more only when we know roughly how much we are to spend on our daily expenses and other areas. For that, I think, one needs to budget and control overspending.
Proper budgeting will help to minimize unnecessary expenses and maintain a good balance on your account. Otherwise, getting close to $0 in your account isn't a good sign. The bank may ask for a penalty and close the account if it's actually zero. So, the best thing to be on the safe side and that's why you can do a budgeting of your expenses on various items.
Earlier this community has started providing Tips on How to Save through the Budgeting forums. You can go through the discussion and in case you have any query regarding budgeting, you can come up with it in the Budgeting forums. Also, you may use the Budgeting Tool which is a user friendly software developed by this community and can be easily downloaded.
Thanks |
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Colton
Guest
0.10 Dollars($)
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| Posted: Wed Jan 03, 2007 6:57 am Post subject: |
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| I own my home with my daughter. We have tried to sell for the last 2 years with no success. We have refinanced several times for a lower interest rate. we also have a betterment of $27,000 with the town for a new septic system. With the market the way it is we have no equity left and are thinking of doing a Deed in Lieu of Foreclosure. I was laid off and am now collecting social security. My daughter has a good job and our credit is good. We need to get on with our lives. The neighborhood has deterioated with a big above ground pool very close to our propertyon lone side and our home overlooks a very messy and unattractive neighbors home below. We want out. It the DLF a good idea? |
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sara
Joined: 05 Jul 2006
Posts: 1072
Location: New Brunswick, New Jersey
203.30 Dollars($)
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| Posted: Wed Jan 03, 2007 11:52 pm Post subject: RE: deed in lieu - a good option when unable to sell home |
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Hi Colton,
Welcome to the forums.
Since you couldn't sell property in the past 2 years and have also refinance quite a number of times, I believe you should go for deed-in-lieu provided you feel that you cannot pay off the loan. But have a talk with the lender on this regard.
Thanks,
Sara |
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have a little experience
Guest
0.10 Dollars($)
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| Posted: Mon Feb 05, 2007 2:25 pm Post subject: deed in lieu |
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From my experience most banks
like for the property to be on the market and attempt to do a short sale prior to a deed in lieu. The process is generally 90 days. That is why it is important that you weigh your options and act quickly. It depends on what state you live in on how fast the sheriff sale date is set. |
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powazek
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0.10 Dollars($)
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| Posted: Thu Feb 08, 2007 2:02 pm Post subject: |
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| Quote: | From my experience most banks
like for the property to be on the market and attempt to do a short sale prior to a deed in lieu. |
I agree with you. They do prefer a short sale instead of a DIL as it means fast cash back into their coffers. A dead property which is hard to sell is the last thing the lender would like to have in his portfolio.
Derek Powazek |
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Jennifer A
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0.10 Dollars($)
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| Posted: Tue Mar 06, 2007 5:04 pm Post subject: |
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| I have a question |
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Jennifer A
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0.10 Dollars($)
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| Posted: Tue Mar 06, 2007 5:16 pm Post subject: |
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I've read the entire thread but I'm still confused. Do I just call the bank and ask for a deed in lieu? My husband are I are both 24 and thought life was going great, but buying this house has been the worst mistake we ever made. We're broke, the furnace is broke(winter in MI) and the neighrborhood has dratically declined.
We haven't been able to pay since Nov. 2006.
I currently have a mortgage with EMC that we can no longer pay because of my husband's multiple sclerosis. I've called various investors to try to sell the house but no one was interested. We owe about 71,000 on the loan, however house in my area comparable to mine are only selling for like 65,000. Before you do a deed in lieu do you have to try to prove you tried to sell the house, because absolutely no on is interested in buying our house and we just want out of the house like yesterday. The hosue is in my husbands name only. Is there a form I can download online I can mail to them. |
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sara
Joined: 05 Jul 2006
Posts: 1072
Location: New Brunswick, New Jersey
203.30 Dollars($)
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| Posted: Tue Mar 06, 2007 9:43 pm Post subject: RE: Deed-in-lieu or sale to get rid of the house |
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Hi Jennifer,
Welcome to the forums.
You are indeed passing through a tough time. But have faith in God. Let's hope that things will turn out well for you.
Anyway, you can call up the mortgage company and request them for a deed-in-lieu. By this process, you hand over the property to the company. The company officials will sell it and if they get a lower price than the outstanding debt, then the mortgage company may or may not ask for the deficit amount.
Depending upon the state laws the loan company may also sue you for a judgment on the deficit amount. But in your situation, it is better if you can stay away from such legal issues.
It will be a good option to look out for a real estate agent and sell your property. Considering the sale price in your neighborhood, I guess you will be getting a moderate price for your home.
Thanks,
Sara |
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chester
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0.10 Dollars($)
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| Posted: Fri Mar 09, 2007 9:53 pm Post subject: the mortage accepted the deed in lieu |
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| a close friend found a house being the big hearted guy i am i signed the papers then she was late on payments and eventually got married and split i got stuck with the house and the mortage company accepted the deed in lieu how bad wil my credit get and what is the perctange of taxes they have you pay along with the deed in lieu |
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Alberto
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| Posted: Thu Apr 12, 2007 10:31 pm Post subject: Deed in lieu of foreclosure |
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| I bought an investment property about six months ago. The property is rented but I still can't afford the mortgage payments because I lost my job. What would happen to the tenants if decide to do a deed in lieu of foreclosure? |
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Eric
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0.10 Dollars($)
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| Posted: Sat May 12, 2007 9:41 am Post subject: Avoid Foreclosure with a Deed-in-lieu |
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| Right now I am paying rent at my home close to my job, and my mortgage payment as well for my previous house further away. I can't sell my house. It has been on the market for some time with not even a showing, and my asking price I have is just looking to break me even. I am curious if a deed-in-lieu would be acceptable to my lender as I have been making all the payments. I have only been able to survive paying both by living off credit cards. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.15 Dollars($)
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| Posted: Sat May 12, 2007 5:04 pm Post subject: |
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Hi Eric,
Welcome to Mortgagefit discussion board.
Get in touch with the lender and tell him all about it. Lender can accept your request to take over the house by way of deed in lieu of foreclosure. But as the market is not good I can't say if he will agree to it.
Why don't you try to rent it out so that until you get a buyer at least you have some income available to help you financially?
Thanks
Blue |
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Cleburne
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0.10 Dollars($)
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| Posted: Sat May 12, 2007 9:13 pm Post subject: |
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| Quote: | | Right now I am paying rent at my home close to my job, and my mortgage payment as well for my previous house further away. I can't sell my house. It has been on the market for some time with not even a showing, and my asking price I have is just looking to break me even. I am curious if a deed-in-lieu would be acceptable to my lender as I have been making all the payments. I have only been able to survive paying both by living off credit cards. |
Foreclosure is also quite expensive and time consuming thing for a lender to pursue.
So if you can show enough reason that within the next month or so you will have to stop the payments because of financial strains, then lender would agree to accept a deed in lieu of foreclosure. |
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