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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi papisalsa!
Welcome to forums!
You can contact an attorney who will deal with your lender regarding short sale or deed in lieu. An attorney is the best person to help you in this regard.
Sussane |
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Jane Doe
Guest
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Post subject: Personal Assets |
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| If you decide to go through wiht a Deed In Lieu of Foreclosure, can the bank take all of your personal assets i.e. savings account? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi Jane!
Welcome to forums!
As far as I know, the lender only takes away the collateral if you go for a deed in lieu. The lender will not go after your personal assets. In case of a deed in lieu, you will not be liable to pay the deficient amount resulting from the sale of the property. So the lender will not be able to garnish your saving's account.
Feel free to ask if you've further queries.
Sussane |
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anonymous47
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Post subject: Investment property |
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| Can you get a Deed in Lieu on an investment property? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi anonymous,
You can get a deed in lieu on an investment property. You can apply for a deed in lieu if you've defaulted the mortgage payments. It's the discretion of the lender whether or not he would accept your request.
Thanks |
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steliosbogdan
Joined: 07 Jul 2009
Posts: 4
2.47 Dollars($)
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Post subject: mortgage |
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my wife and I we are in proces to buy a bigger house -2240sqft-we also own a town home (smaller-1563 sqft - and we try to rent this one). What hapend if we are not able to pay 2 mortgages?Can you offer any advice?How it will affect us for our primary property(2240 sqft).We live in Las Vegas. Any tax problems?
can the bank come after my primary residence ? thanks.Adrian |
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13thmonth
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Post subject: Which option to choose |
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| Is deed in lieu of foreclosure better than deed in reduction |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi,
To steliosbogdan,
Your query has been answered in the given link:
http://www.mortgagefit.com/inprocess/about24209.html#105967
Please take a look at it. I hope it helps you.
To Guest,
Deed in reduction is a company specific program and not all lenders would be ready to offer this plan. However, deed in lieu foreclosure is offered by all the lenders. So in my opinion, it would be better to go for a deed in lieu, though it lowers your credit score by 250 points.
Thanks |
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wanda wright
Guest
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Post subject: deed in lieu |
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As a private party lien holder how do I file against the credit report of the persons who I have the deed in lieu against?
Thanks
Wanda |
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Carlos
Guest
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Post subject: Cant afford both Mortgages. |
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| I have a home in NY and am working in NJ. We just purchased a home in NJ due to the commuting and expense of traveling back and forth. We had someone that agreed to rent our home in NY since it has been in the market for almost a year and no one has even called to see it. We are set to close on the new home in August 09 but this person has backed out of renting our current home. There is no way we can afford to keep both homes. Can anyone help? We have owned the NY home for 5 yrs with no problems. Should we foreclose or "Deed in Lieu" or walkaway from the NJ home? If we walk away from the NY home will the bank garnish our wages or come after our new home? Any advice would be greatly appreciated. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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13...i don't think anyone responded to you - can't tell you any difference because i don't have familiarity with "deed in reduction."
wanda...you won't be able to report to credit agencies unless you are affiliated with them; as a private individual, that's not within their realm.
carlos...you can, of course, seek another tenant; you could do a deed in lieu if the lender agrees. can they seek a deficiency - i don't have that expertise, but you can check with a real estate attorney who can advise further. can they attach your wages? no, unless something really, really wacky happens in our credit-based economy. can you walk away from the new jersey purchase - sure, why not? you'd lose your deposit, i'm sure, though. and walking away from new york would benefit nobody, so i think that'd be a bad move all around.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Chester
Guest
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Post subject: Deed in Lieu |
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| I have been on a medical long term disability and the money is getting tighter and tighter. I have some savings left and would like to be able to get out from underneathe this house with some cash left to move on. If I ask for the deed in lieu will the bank (lender) take any cash I have to help relieve their burden? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi Chester!
Welcome to forums!
The lender will not sue you for the deficient amount in a deed in lieu. Lenders normally forgive this deficient amount. The forgiven amount can be considered as your income by the IRS and you can be taxed on that amount. However, depending upon the laws of your state, the taxes on the balance amount can be forgiven.
Feel free to ask if you've further queries.
Sussane |
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Leanza
Guest
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Post subject: deed in lieu |
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| When is it too late to request a deed in lieu? We have only 5 weeks until a hearing, and 8 weeks until a sale date of forclosure. Does the lender have the right to decline the request? |
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lottry
Guest
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Post subject: deed in lieu |
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| I bought my house 2007 and i lsot my job 2009 you think i can use deed in lieu to avoid forclosure??isit possible |
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