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Colton
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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 $27,000 with the town for a new septic system. With the market the way it is we have no equity left and are thinking of doing a Deed in Lieu of Foreclosure. I was laid off and am now collecting social security. My daughter has a good job and our credit is good. We need to get on with our lives. The neighborhood has deterioated with a big above ground pool very close to our propertyon lone side and our home overlooks a very messy and unattractive neighbors home below. We want out. It the DLF a good idea? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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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
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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have a little experience
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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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| 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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| I have a question |
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Jennifer A
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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
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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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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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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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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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: 1131
Location: MARYLAND
138.04 Dollars($)
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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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| 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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julie
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Post subject: deed in lieu of foreclosure |
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| My husband lost his job and I accepted a job in a different city, we can not make the house payment. WE purchased the home in may 08 and had to make unexpected repairs that hurt us financially. We can not afford to pay for child care and will live with my parents. Should we purchase a much needed car to get to work before seeking the above. thanks |
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miller_st
Joined: 17 Jan 2007
Posts: 918
168.95 Dollars($)
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Julie, deed in lieu of foreclosure will cause a drop in your credit score and make it difficult to get a car loan.
If there is no way other than a deed in lieu then I suggest that purchase the car first before approaching the mortgage lender about the dil.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Hi Julie,
It's good to hear that you got a job as it was really needed. Now, if you go for a deed in lieu, you will have to pay the deed tax and will also get a negative effect on your credit score. And with a lower credit score, you may not be able to qualify for any loan in future. So think twice before you go for a deed in lieu.
And when you decide to purchase a car, you should very well consider your financial stability. If at present you are lacking of monetary power, then you should not think of buying the car right now. I suggest you to wait for some time and gather the much needed cash to purchase the car later.
For now, you should talk to the lender and ask him for some alternative repayment plan. I am sure he will find a solution for you. |
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