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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi Guest,
You should contact your lender immediately and negotiate with him so that he can give you some time to stay in the property. This will help your family member to recuperate. Then you may vacate the property.
I guess, the lender has started pre-foreclosure procedure. You can contact the lender and apply for a short sale or a deed in lieu of foreclosure.
Thanks |
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six3890
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Post subject: is a deed in lieu of foreclosure possible on rental property |
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hi
my husband and I are just barely staying afloat on our primary property and we also own a piece of rental property. recently the tenant has stopped paying the rent and we do not have enough disposible income left to cover the mortgage on that house while we try to evict the tenant and find another one.
when my husband contacted the mortgage company for that house and explained the situation, they suggested a deed in lieu of foreclosure. i just started doing some research on the subject because we cannot afford to consult with a real estate attorney or a tax advisor. we are trying to figure out what the ramifications of all of this will be.
can you offer any advice or point us in the right direction? i'm very nervous about all of this and concerned about how it will affect us for our primary property. thanks. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi Guest,
If you go for a deed in lieu, the property in question will be sold off and the deficient amount resulting from the sale of the property will be forgiven. This will have a negative effect on your credit score and will lower it by 250 points. Apart from this, it will remain your credit report for 7 years. As the deficient amount will be forgiven by the lender, your primary residence will not be effected.
You can speak to your lender about a loan modification if you want to save the rental property.
Thanks |
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fustrated owner
Guest
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Post subject: Home in foreclosure |
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| I have a contract for deed on a property that is in the process of a foreclosure. My name appears only to the title of the property and not on the mortgage loan. Would I have to get my own mortgage and if so will the current mortgage accept this transaction? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
As your name is not on the mortgage of the property, you won't be held liable for the mortgage dues. The foreclosure of the property will also not effect you.
If you want to buy a new property, then you'll have to apply for a new mortgage.
Feel free to ask if you have further queries.
Sussane |
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mericwitt
Joined: 27 May 2009
Posts: 1
1.40 Dollars($)
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Post subject: deed in lieu vs short sell |
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I am in the military and was reassigned to a new location. I have a house I have been in for approximately 2yr 4mths and I am having a hard time to either sell or rent the house. I don't qualify for mortgage assistance from the government. I am current on the house and could probably continue to make payments for 3-4 months.
What is my best option?
Do I continue on and just hope it sells or do I cut my losses and try a short sale or deed in lieu of foreclosure?
Which is better for my credit? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi mericwitt,
As you want to save your credit, it would be a better option to go for a short sale. It will lower your credit score by 75-100 points. Whereas if the property is foreclosed upon or you go for a deed in lieu, your credit score will be ruined by 250 points.
Thanks |
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Sad Life
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Post subject: |
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| It seems lenders are not doing Deeds in Lieu, like they were before. That was good when the market was high, but many homes are worth a lot less than what is owed in today's market. |
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james Mccarthy
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Post subject: ANOTHER OPTION PLEASE READ |
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| I first found out about the deed in lieu option from a DVD a bought. It gave several options like the deed in lieu, lucky the DVD was about mortgage modifications. so It should be step by step how to modify my mortgage to make my mortgage more affordable. I didnt have the means to pay an attorney 2,200. the DVD should me how to do it. Check it out.. step-bysteploanmodificationdvd.com |
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abyrose
Guest
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Post subject: Deed in lieu of foreclosure |
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Hi,
We filed for bankrupcy in 2008 in which our home was included, so I believe the mortgage owned is zero. However, it appears that we must go through the foreclosure process or the deed in lieu of foreclosure. A loan modification is not an option as the monthly payment would still be out of our budget at the present time. We are planning on moving to a different state for work. We want to just turn over the keys to the bank. Is this possible? |
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Stuart
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Post subject: deed in lieu of foreclosure |
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| We are upside down on our house and facing divorce. Since we are in a community property state, the house will have to be dispositioned as part of the divorce. It was recommended to me to consider a deed in lieu of foreclosure to avoid bankruptcy. Is it likely that our mortgage lender will negotiate with us to get the deed in lieu of foreclosure? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi,
To abyrose,
Though you filed bankruptcy, your mortgage balance is not zero. If you had filed for Chapter 13 bankruptcy, then you would have to make payments according to the new plan. If you had filed Chapter 7 and reaffirmed the debts, then you become personally liable for the debts. Thus, if the lender forecloses the property, then it will effect you once again. You can walkaway from the property but it would only lead to a foreclosure.
To Stuart,
This will depend upon the discretion of the lender. As you belong to a community property state, the lender will want both of you to agree to a deed in lieu foreclosure. If your spouse is not ready for a deed in lieu, then I don't think the lender has much to do in this case.
Thanks |
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mr. sharpe
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Post subject: can they get my land? |
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| i am wanting my bank to get my home. it is a mobile home. i own the land clear and free. it is not attached to loan papers in no way. my question is can the bank come after my land if the sell of the home is less than i owe? please advise thanks sincerely malcolm |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Post subject: |
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Hi mr. sharpe,
If the lender forecloses the property or if you go for a short sale and you do not pay the deficient amount, then the lender can place a lien on the land in order to recover their dues.
_________________
Procrastination is the enemy of your financial sucess |
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Misty
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Post subject: foreclosure |
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| My hushand and I filed chapter 13 bankruptcy in 2006 after I lost my job and we relocated for him a new job. We got behind on mortgage payments in 2007 and never caught back up. We are making payments on time now, but mortgage company is trying to foreclose and will not take anything else but to pay back a large sum in ten months. We can not afford this, what should we do? |
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