| Author |
Message |
Arnold
Guest
|
Post subject: Is a DIL my best option? |
|
|
I lost my job about 6 weeks ago and am now going on my second missed mortgage payment. Truthfully, I never should have gotten into the condo that I have now (interest-only, 100% financing). It's about $80k upside-down. I don't intend to stay in it.
Are there any other options other than DIL or is this my best course? I know that my credit will be hit, but I have to accept that.
Thank you for all your support and advice! |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
|
Post subject: |
|
|
Hi Arnold,
In your situation, I think the deed in lieu is the best option. Though your credit score will get lowered by 250 points, you'll not have to pay the deficient amount resulting from the sale of the property. Moreover, depending upon your state laws, you will not have to pay the taxes on the forgiven amount.
Thanks |
|
|
Mitzie
Guest
|
|
Post subject: Condo mortage |
|
|
| My husband and I purchased a condo within a gated community that has bilaws bigger than my bible and states that only 55+ can dwell in any of the condos. My husband recently past away in February and I found out that my name does not appear on the note, but does appear on the mortgage and deed. I am having trouble with the loan officer in that he is not working with me. The only income I have now is social security, I have lost my husbands social security and pension and I find myself unable to pay the monthly bills let alone the mortgage on the condo. I do not have the money to pay for the condo and my daughter is not allowed to move in with me to help with the mortgage payment (she is not 55). So I find myself in a perdicament. What is my best option, I do not want this following me to my death. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
|
Post subject: |
|
|
Hi Mitzie,
If you are facing hardship in paying off the mortgage, then I would suggest you to contact your lender and inform him about it. If you do not wish to save the property, you can request the lender for a deed in lieu. In this process, though your credit will be effected but you will not be liable to pay the deficient amount.
Thanks |
|
|
Guest
|
|
Post subject: |
|
|
| Do bank of America accept deed in lieu if they own both loan (Ist &2nd)? Did any body deal with bofa? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
|
|
Post subject: |
|
|
Hi Guest!
Welcome to forums!
Frankly speaking, I haven't dealt with BofA. However, as per my knowledge, the lender will accept a deed in lieu only on one of the loans. As far as the second loan is concerned, you'll either have to pay it off or the lender will charge it off. Once the lender charges it off, a third party collection agency will collect the dues from you.
Feel free to ask if you have further queries.
Sussane |
|
|
bobby boche
Guest
|
|
Post subject: deed in lieu of foreclosure |
|
|
| i bought a brand new modular home and placed it on a full basement on 1.4 acres that i bought back in 2001. currently, there is a Electrical Substation being built 60 yards from our property and a 138,000 kv high voltage power line now running 73 feet from our front door of our house. the substation and high powerline presents two things, significant depreciation of our property value and a risk to my family's health, especially our child who is 32 days old. we strongly feel that we shall not put our child at risk by continuing to reside here and continue to pay on a house that is now worth half as much. we owe approximately 130k, which 40k of it is from a second mortgage. what can you advise me to do in this situation? i am concerned about my credit, but my family's health outweighs my credit score. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
|
|
Post subject: |
|
|
Hi bobby,
Deed in lieu of foreclosure is a good option to get rid of the property. However, the lenders accept a deed in lieu when you are delinquent on your payments. I would suggest you to write a hardship letter to your lender and request for it. However, it would be the lender's decision whether he would accept it or not. |
|
|
Sohail
Guest
|
|
Post subject: Deed in lieu |
|
|
| I applied for deed in lieu for two investment properties in Orlando, Florida. Can you please tell any attorny that can work with my lenders so that I can get letter of debt is canceled and the other which refers to the waiver of the right to a deficiency judgment. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
|
Post subject: |
|
|
Hi Sohail,
You can contact any attorney to work with your lender. However, in a deed in lieu, the deficient amount is forgiven by the lender. So I do not think that the lender would give you a separate letter stating that the deficient amount is forgiven.
Thanks |
|
|
Arnold
Guest
|
|
Post subject: Countrywide would not allow deed-in-lieu...short sale |
|
|
I called Countrywide to request a DIL and they said that my property needs to be listed as a short sale for three months before they would allow it.
If I were to sell it as a short-sale, am I responsible for the difference?
Thanks! |
|
|
Kristy
Guest
|
|
Post subject: Deed in Lieu |
|
|
My husband and I refinanced our house a few years ago. Based on our income at that time we took out equity in our house to remodel our kitchen and add a family room. Two years have passed since then and our income has decreased $32,000. We are still paying our mortgage payment, but each month seems to be getting worse. In February we sent in a modification packet to our mortgage company and still don’t have an answer.
Last week I called our mortgage company to see if we qualified for President Obama’s “Homeowner Affordability and Stability Plan”. They processed my information over the phone and decided that because our mortgage payment isn’t 31% of our gross income we don’t qualify (we missed it by 3%). We’re hoping to qualify for the mortgage company’s modification plan, but we’re not very hopeful. If we were to apply for a Deed in Lieu do they base their decision on those numbers also or is there more information that they take into account? Do you definitely recommend having a mortgage lawyer look over the paperwork before signing? I understand that it does affect your credit, but how long do you usually have to wait before you can qualify for another mortgage? |
|
|
Andrew
Guest
|
|
Post subject: |
|
|
| Hello good morning. I heve read all your article and questions but I couldn't find the answer for my case. I bought a timeshare property for US$10,000 and paid in full on 2001. I never used the property and stopped paying the annual fees since 2004. The total debt is US$3,000. The company is proposing the warranty deed in lieu of foreclosure. What should I do? What are the other side effects of foreclosure besides credit damage? Will I get the difference between the debt and the sale after that?I'm not a american citizen but I travel a lot to USA. Does a foreclosure affect my status when appying for a visa? Thank you very much! Andrew. |
|
|
ann
Guest
|
|
Post subject: deed in lieu |
|
|
| I have a mortgage on a manufactured home the payoff is more than then what it is worth. My husband and I split up and he was making the payments I moved on and bought a house. He decided to leave and not tell me so the mortgage is now a payment I have to make along with my own house. The mortgage is in my name. I am afraid I cannot make both mortgage payments. The property is a home and land package deal which is apprasing 20,000 under the payoff. I was thinking about a deed in lieu of foreclosure but how would this effect me. Can the other mortgage company make me sale my house and payoff the loan. I am loosing sleep over this and don't know what to do. There is now things that need fixing before I can consider renting but I hate to have to rent I just want it to go away and if it ruin my credit score that is ok too |
|
|
Rich
Guest
|
|
Post subject: deed in lieu of foreclosure |
|
|
| I lost my job recently due to layoffs and I'm entering the military as a result of the job loss. I'm one month behind on my mortgage and have had the property on the market for 90 days. I just started the deed in lieu process and I want to know is there any danger in having other property reposessed to satisfy the debt once deed in lieu has finished? |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Next 
