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Dicks
Guest
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Post subject: Deed In Lieu OR Short Sale |
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| Adonis...Thanks. If I do a DIL or Short Sale of a property in FL and I live in another state, does the lender have any recourse or can the lender come after my home where I live? Thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Dicks!
Welcome back to forums!
If you go for a deed in lieu of foreclosure, the lender won't sue you for the deficient amount. However, in case of a short sale, he can sue you for the deficient balance. Generally lenders won't be able to place a lien on your property if it's located in any other state. However, the lender can file a lawsuit in that state and take the court's permission to file a lien.
Feel free to ask if you've further queries.
Sussane |
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yaut
Guest
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Post subject: property tax |
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| what about property tax? What does the lender pay? Does it become recalculated? does the hard money lender have a choice for deed in lieu too? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi yaut,
As far as I know, you will be responsible for the property taxes till the moment you are the owner of the property. Once you deed off the property to the lender, he would be responsible for paying off the dues.
Thanks |
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jw
Guest
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Post subject: deed i lieu |
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| I own 5 single family rental houses. 2 of the houses are vacant and requir major work. the other 3 are rented but because of the economy the tenants are way behind on rent. I am no longer able to make the notes. If I do deed in lieu, can the bank come after me for, if the properties are no longer worth what is owed on them. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi jw,
As you are opting for a deed in lieu of foreclosure, the lender will not be able to come after you for the deficiency. However, your credit score will be lowered by around 250 points. Moreover, you won't be able to qualify for a mortgage within the next 2-3 years.
Thanks |
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jdeibert
Guest
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Post subject: Deed in lieu |
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| How long do you have after the process of Deed-in-lieu starts that you have to move out of your house |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi jdeibert!
Welcome to forums!
You can move out of your property after you transfer it to your lender. After the deed in lieu sale, you'll get a 3 day notice period to leave the property. You'll have to leave the property within that time period.
Sussane |
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Jaime
Guest
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Post subject: protecting assets prior to foreclosure |
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| We have two houses, our paid for residence and a second which is mortgaged (bridge loan) and we are trying unsuccessfully to sell for 1.5 years. We are on SS with a small IRA. We are bleeding cash into the second house trying to sell. We are about out of money without tapping the IRA to keep the second until it sells. What can we do to get out from under the second before going further in the hole and also avoiding putting our primary paid for residence in danger. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Jaime!
Welcome to forums!
You can contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of your second property and you won't be responsible for the balance amount resulting from the sale. However, your credit score would be lowered badly in this case. It will be lowered by 250 points. If you're not concerned about your credit score presently, then deed in lieu of foreclosure would be a good option for you.
Feel free to ask if you've further queries.
Sussane |
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question
Guest
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Post subject: Deed in Lieu |
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| I did a deed in lieu, the house sold and its over and we owe nothing. We this be considered a tax write off? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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After a deed in lieu is complete, the deficient amount is forgiven and you are not liable to pay off the taxes on that amount depending upon the Mortgage Debt Relief Act.
_________________
Good is the Enemy of Great. |
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mshope 123
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Post subject: Help |
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| I filed chapter 13 bankruptcy a couple of months ago and I included my house which was three months behind and now I am again almost three months behind. Can the bank foreclose on my house with it being tied up in bankruptcy"? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi mshope!
Welcome to forums!
If you are unable to pay off the dues as per the repayment plan that you've received from your lender, then he can definitely foreclose the property. You should contact your lender immediately and check out if he can help you in any way.
Feel free to ask if you've further queries.
Sussane |
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Norma
Guest
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Post subject: Morgage |
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| I bought a house a little over a year ago. I am the only person on the loan, but I was living with my "common law" husband who was helping me pay for the morgage. Things have not worked out between us, and I am stuck with this payment. I know that within the next few months, I will not be able to make the payment by myself. I do not want to lose my home, I have 3 kids, who also enjoy their home. Should I try to refinance or do a loan modification? |
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