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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi TEC!
Welcome to forums!
This is not a common scenario in my opinion. Lenders cannot sue you for the deficient amount resulting from the sale of the property. You should try and negotiate with your lender so that he forgives or reduces the amount. You may even consult an attorney who may deal with your lender.
Feel free to ask if you have further queries.
Sussane |
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DeedinLieu Ever too Late?
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Post subject: Is it ever too late to request for a Deed In Lieu? |
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| We couldn't make the payments on our home. It's been a little over a year since we've lived in our home or made any payments. We recently received a summons letter, our lender is suing in a judicial foreclosure proceeding and the lender is looking for a deficiency judgment. Is it too late to request for a Deed in Lieu? |
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Dave P in Ohio
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Post subject: Deed in Lieu |
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| My wife owned our house before we were married, and she has sinced refinanced it still in her name only. At the time, her credit was average and she got a rate of 9.5% and consolidated all of her credit cards into her mortage. Now, her credit is good but the house has greatly depreciated and I believe the lender falsely overestimated the house to give her the loan. This was roughly 2 years ago and we to buy a new home at a lower rate which we could currently qualify for. We probably have around $30,000 in negative equity and are considering a deed in lieu on our current house. My question is if we proceed with a deed in lieu, does it take an immediate hit on our credit report or would we have time to purchase the new home before the negative credit report? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi,
To Guest,
It is never too late to apply for a deed in lieu. You can still apply for a deed in lieu. It would have been better if you would have applied for it as soon as you became delinquent on your mortgage payments. However, you should note that it is the lender who would decide whether he would accept your request or not.
To Dave,
A deed in lieu will immediately effect your credit score. Moreover, you will have to disclose the fact that you went for a deed in lieu. If you don't, the lender has the right to penalize you and call the loan due immediately.
Thanks |
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gbrune01
Guest
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Post subject: Short Sale vs Deed In Lieu |
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| My wife was transferred to Florida over a year ago and the house was put up for sale. Presently, I am still living in the house. We have both a 1st and 2nd mortgage and are not delinquent in our payments. The first agent did not want to do a short sale and the second agent told us he could get the full asking price but quickly changed his tune. We have suggested to him to go for the short sale but he is also reluctant to do it. Would we have a hard time going for the Deed In Lieu and is the DIL our best choice. I might add, being separated and supporting two households is making things tight with the savings and budget. |
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terry1333
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Post subject: How to dispose property w/negative equity & no credit af |
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| Questions If you are current on your mortgage payments, you are under water (negative equity), what are your options that will not have a negative impact on your credit report and ability to buy a house and other loans in the future? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi,
To gbrune,
The second lender is not accepting a short sale because he will have to satisfy the first loan. You can opt for a deed in lieu. You can request your lender for a deed in lieu and check out if he agrees to it. If he agrees to your request, then you would be able to sell off the property. However, you would still remain liable for the second mortgage. If you don't pay the second mortgage dues, the lender would either garnish your wages or place a lien on your other property.
To terry,
As you are current on your mortgage payments, the negative equity will not adversely effect your credit report. Thus, in future, you will still have the ability to buy a house or go for other loans.
Thanks |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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terry1333
Welcoem to the forum
Only way you can protect your self woudl be keep makign payments and sell the house when the market improves.
You can also do a short sale, but it will have some impact to your credit score 50 - 100. But if you are not looking to buy immeditely, then you can waiti for 3 years and get the report improved and buy a new house.
Good luck and feel free to ask |
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troon
Guest
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Post subject: deed in lieu |
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| does deed in lieu affect your credit and how? |
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help
Guest
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Post subject: bankruptcy vs deed in lieu |
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| we have a subdivision that we do not have the money to finish. It will take appx. 160,000 to finish. we owe the bank 1,300,000. we do not have any other debt other than this note. we are now in a rental. we have 1,200,000 of our own money in it. the 14 lots may only be worth appx 75-100,000 each at this time in the market down from 225,000 each. we have told the bank our situation. we have a personal guarantee on this. we only have 200,000 in IRA accounts and a paid off truck and car. we have asked the community bank for a deed in lieu but even if they did it sounds like they could come after us for the difference right? I don't want to waste time and money on a deed in lieu if its not really going to happen. Are we looking more at bankruptcy? I have a job, but would not be able to pay 3-400,000 back to the bank? Also what happens to money that we invested a year ago in a separate deal and have been trying to collect on, but as yet have not been successful? |
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help
Guest
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Post subject: bankruptcy vs deed in lieu |
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| we have a subdivision that we do not have the money to finish. It will take appx. 160,000 to finish. we owe the bank 1,300,000. we do not have any other debt other than this note. we are now in a rental. we have 1,200,000 of our own money in it. the 14 lots may only be worth appx 75-100,000 each at this time in the market down from 225,000 each. we have told the bank our situation. we have a personal guarantee on this. we only have 200,000 in IRA accounts and a paid off truck and car. we have asked the community bank for a deed in lieu but even if they did it sounds like they could come after us for the difference right? I don't want to waste time and money on a deed in lieu if its not really going to happen. Are we looking more at bankruptcy? I have a job, but would not be able to pay 3-400,000 back to the bank? Also what happens to money that we invested a year ago in a separate deal and have been trying to collect on, but as yet have not been successful? |
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Mary
Guest
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Post subject: Deed Leui For Forclosure |
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| I have a condo in Florida and making mortgage on time. Can not aford making payments due ot he fact that my income as decreased this the beginning of the year The money situation has been very tight very month. I can not rent out my condo. I was wondering in these circumstances what to do? If by any I do a loan modification and it does not get approve then what is my next option? |
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papisalsa1
Joined: 09 Jun 2009
Posts: 4
2.48 Dollars($)
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Post subject: Request a short sale or deed in lieu |
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| I know that I will need to get your lender’s permission for the short sale and deed in lieu. I don’t have the skills to negotiate the short sale or deed in lieu. How do I find someone in Florida who is well qualified to do it for me? I’ve tried to call attorneys and real estate people and don’t get anywhere. I need to find someone that has been through the process to guide me. Thanks for all your help. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi papisalsa!
Welcome to forums!
You can contact an attorney who will deal with your lender regarding short sale or deed in lieu. An attorney is the best person to help you in this regard.
Sussane |
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Jane Doe
Guest
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Post subject: Personal Assets |
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| If you decide to go through wiht a Deed In Lieu of Foreclosure, can the bank take all of your personal assets i.e. savings account? |
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