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LG
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Post subject: Deed in Lieu and residency |
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| I am in pre-foreclosure and have requested to do a Deed in Lieu. My account is under review and I will hear back around the 11th of Nov. While my credit is still half way decent, I have submitted for an apartment and am looking to move in Nov. Do run any risks by not living in my home while it's in the foreclosure process? I heard from a friend in a similar situation who sold their home in a short sale that they were advised to not move out until the process was completed. So now I am worried of the consequences and what they may be. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Post subject: |
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Nope
There is no impact if you move out of yoru house during the foreclosure process
Not sure why some is suggesting that |
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aaronj
Guest
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Hi, I was given a reply by "jameshogg" but he did not seem to actually read my question. I was hoping someone could answer this for me please?
I have lived on MY property in Ohio for over three years, but there are three other rental units also here, one of which has been sitting vacant since april (part of the reason for the trouble). I OWN THE PROPERTY with a business partner who has gone bankrupt and has not been living on the property for a few months. Regarding the conditions of tax relief, in a Deed in Lieu situation, would this property be considered a "primary residence" or a "rental property" and how would that affect MY tax relief potentiality?
Thank you so much for your time! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi aaronj,
I misunderstood your question.
I hope you are staying in the property right now. In such a situation, if you go for a deed in lieu of foreclosure, then the property would be considered as your primary residence and you would receive the tax relief benefits depending upon your state laws.
Thanks |
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mo
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Post subject: deed in lieu of foreclosure |
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| i am retireing this month because of health reasons (bad back)...my income will be cut almost in half,,,,I know I will not be able to make my monthly mortgage payment in a month or so ...I dont want to foreclose ... would dil be a better alternative for me to part with my house....i can live with my brother but he lives in the southern part of the country and I live in the midwest... |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Deed in lieu of foreclosure is definitely a better option to get rid of your property. You can write a hardship letter to the lender and apply for a deed in lieu. If the lender accepts your request, then you will have to surrender the property to him. In a deed in lieu, you won't be liable for the balance amount resulting from the sale.
_________________
Good is the Enemy of Great. |
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Lawrence
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Post subject: DIL |
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| I own a home with a mortgage and a second mortagage home equity line. I also own a second home with a construction loan. As a result of the new construction, I have accumulated credit card debt. Niether home will sell. My first home is cross collateralized on the construction loan. I am unable to pay all my bills based upon my salary. What do you suggest? Where do I live in the meantime? |
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Lawrence
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Post subject: DIL |
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| I should also mention that the first second and construction loans are all with different lenders. How is the equity line handled and how is the cross collateral issue handled? |
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sad
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Post subject: sad to go |
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| Iv been in my house for 4 yr, Im 3 months pass due- they tell me i dont qualify for a modification- i want them to add the tax and insurance to my morg but thy said no so I would like to do a deed in lieu. how long will it take from start to end? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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To Lawrence,
You're in a tough situation. You will have to apply for a deed in lieu on your first home with your first lender. However, you would be responsible for the second loan. The second lender will have the rights to sue you for the debts. As far as the construction loan is concerned, he would try to sell off the second home and try to recover the dues.
To Guest,
A deed in lieu will take around 90 days to complete. You should write a hardship letter to the lender and apply for deed in lieu.
_________________
Good is the Enemy of Great. |
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TAMB
Guest
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Post subject: |
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| I was about to go onto foreclosure this year and filed chapter 13 to attempt to save home. Mortgage worked up Agreed Order stating I agreed to pay $385/month for 6 months in addition to my $716/mo mortgage payment that I was already having trouble with especially even more since my payment plan under 13 was $400/mo. unable to file 7 at this time due to timing of last filing. Sure foreclosure is on way, but how long do I have before I have to move??? Are there any other options for me??? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Tamb,
If you are unable to make payments under the Chapter 13 bankruptcy plan, then the lender would have the rights to foreclose the property. Once you transfer the property to the lender, you will have to leave it. As you are unable to pay the dues, you can check out if the lender would be ready for a deed in lieu of foreclosure.
Thanks |
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EE
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Post subject: Ability to Purchase a home in the future |
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| I am considering a deed in lieu because I simply do not earn enough to maintain the home and my mortgage. My house has been on the market for several months with no showings. Is it possible to opt for a deed in lieu and when my financial situation improve to purchase a more affordable home in the future? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi EE,
You can apply for a deed in lieu of foreclosure with your lender. The lender would look into your situation and decide whether or not he would approve it. A deed in lieu would lower your credit score by 250 points. You won't be able to purchase a property immediately. You will have to wait for 3-4 years in order to get a home loan.
_________________
Procrastination is the enemy of your financial success |
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owningsucks
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Post subject: loans |
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| my house depriciated 62000 I am at odds of wether to refinance my house to lower my payments or let them foreclose I can't afford the payment as of now |
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