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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Hi,
To Leanza,
You can request for a deed in lieu now but it would be the discretion of the lender whether or not he would accept your request. The lender has the right to decline your request. It would have been better if you could have applied for a deed in lieu before you received the foreclosure notice.
To lottry,
You can definitely apply for a deed in lieu if you are delinquent on your mortgage payments. It is one of the ways to avoid foreclosure. The lender will sell off the property and you won't be responsible for the delinquent amount resulting from the sale of the property. However, it would lower your credit score by 200-250 points.
Thanks |
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Zee
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Post subject: Negociation of Jr loan/in order to request a Deed in Lieu |
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Since the Jr. Loan creates a problem with optaining a Deed in Lieu.
I have heard that the jr. Loan can possibly be negotiated for a %, maybe 10%. to settle the Jr. Loan. Which can free one up to request a deed in Lieu from the first Loan.
How does one go about requesting the settlement with the Jr. Loan, and or should one have a Lawyer to negociate this transaction? I am unemployed now, still current on all, but it's getting pretty close. Plus is it costly to have a lawyer negociate the settlement of the Jr. and request the Deed in Lieu? |
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Cher
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Post subject: Deed in Lieu |
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My husband and I are considering a deed in lieu however, we cannot get
the mortgage holder to return our telephone calls so we can start the process. We cannot afford the house payments and we are considering just moving out of the house and letting the bank do what they must. Do you have any advice or who can we contact to lodge a complaint about the lender? |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: |
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Welcome,
To Zee,
You can negotiate with your lender yourself. You can write a hardship letter to the lender and check out if he agrees for a deed in lieu. However, if you are not comfortable in negotiating with your lender, then you can contact an attorney so that he can negotiate with your lender.
To Cher,
If you walk away from the property, then the lender would foreclose it and sue you for the deficient amount. You can write a certified letter to the lender requesting for a deed in lieu of foreclosure. I don't think lodging a complaint against the lender would be of any help.
_________________
Procrastination is the enemy of your financial success |
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oly
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Post subject: Deed in lieu |
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I have a second home that I tried to sell just before the market fell out so I was unable to sell. I rented it out at a big loss thinking I could wait out the housing market but in the past 2 years the house lost so much value I am now upside down on it. I applied for a mod with my lender but they denied it.
I can' t continue making the payments even though I'm current on the mortgage because my business has declined in the past 2 years. I don't have and second liens on the home.
Would it be better for me to try to short sell this house which is currently rented or convey in a deed in lieu?? Should I contact my bank about that or a lawyer? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.59 Dollars($)
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you'll want to deal with your lender. if you need an advocate to assist you, you can certainly deal with an attorney, but you will also do well to check the hud.gov website and search for a counseling service (urban league, for example) in your area that can be of assistance.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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bc
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Post subject: deed in lieu of foreclosure |
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| what are the renters rights as a tenant in a property where the landlord is using the steps in lieu of foreclosure? |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Hey bc,
If your landlord is planning for a deed in lieu of foreclosure, he should inform you about it so that you, the renter, get time to move out of the property and look out for a new place to live in. As a renter, you may even negotiate with the lender and check if he would allow you to rent that property.
_________________
Procrastination is the enemy of your financial success |
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anonymouss
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Post subject: Notice of Deed / Deed in Lieu of Foreclosure |
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| I paid my loan on time when I could. I have not been able to work for four years. My income has dropped, I receive disability and I have missed over 6 mortgage payments. My mortgage company has filed a N.O.D. to sale in a month. Can I request a deed in lieu of foreclosure? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.59 Dollars($)
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you sure can, anon...you are best served to respond to the notice of foreclosure right away - have discussions with your lender if you haven't already. i'm hoping you've been in contact, and that you're not too late.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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smh
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Post subject: deed in lieu |
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| Why would the lender take a deed in lieu rather than forclose? How does one go about initiating this process? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
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Post subject: |
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Hi,
It is totally the discretion of the lender whether or not he would accept your deed in lieu of foreclosure. As far as initiating the process is concerned, you need to contact the lender and submit a hardship letter. The hardship letter should inform the lender about your financial crisis. The lender will judge your situation depending upon your letter and then would decide whether or not he would accept your request.
Take care. |
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janjobo
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Post subject: Deed In Lieu vs foreclosure |
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We own a property that is not selling and we can no longer afford the mtg. (We had a business within the property which has gone out of business and we can't seem to lease the property out either)
If we give to bank deed in lieu will we be responsible for balance due if they sell at a loss? VS..if we are foreclosed on, will we be responsible for the loss if they can't sell for mtg. owed?
We can't take the chance that we may still owe a large amount of $$ on the property. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
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Post subject: |
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Hi janjobo,
In case of a deed in lieu, the lender forgives the deficient amount resulting from the sale. However, if the property is foreclosed upon by the lender, then he can sue you for the deficient amount. If you cannot pay off the deficient amount, the lender can place a lien on your other properties. If you want to avoid paying the deficient amount, then it's better to go for deed in lieu of foreclosure. You will not have to pay the taxes on the forgiven amount as per the Mortgage Debt Relief Act.
Take care. |
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