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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Norma,
You haven't mentioned whether or not you're current on your mortgage payments. You will be able to refinance the loan if you are current on your mortgage payments and if you have equity in the property. If you do not satisfy these two criteria, then it's better to apply for a loan modification.
_________________
Procrastination is the enemy of your financial success |
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Maine
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Post subject: Getting a mortgage after a deed in lieu of forclosure |
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| Is it possible to get a mortgage after you have had a deed in lieu of forclosure? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Maine!
Welcome to forums!
You won't be able to get a mortgage immediately after a deed in lieu of foreclosure. You'll have to wait for 3-4 years in order to qualify for a home loan.
Sussane |
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cochar
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Post subject: foreclosure/deed in lieu |
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| I am two months behind on my mortgage (it is investment property). I don't qualify for loan modification because it is investment property. What would be my best option deed in lieu or foreclosure? The property has been for sale over 7 months with no offers. |
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shirlgs
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Post subject: deed in lieu of foreclosure |
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| If I do a deed in lieu of foreclosure, will I have to make monthly payments to the mortagage company? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To cochar,
In my opinion, deed in lieu of foreclosure is a better option. You should contact your lender and apply for it. It depends upon the lender whether or not he would accept your request. If he accepts it, then you won't have to pay the deficient amount resulting from the sale of the property.
To shirlgs,
If you go for a deed in lieu, the lender will sell off the property and recover his dues. Thus, you won't have to make monthly payments on your mortgage.
Sussane |
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JCCT
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Post subject: deed in lieu with a 2nd mortgage |
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| If I read correctly, if you have a second mortgage then yu are still obligated and can not do a deed in lieu? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi JCCT,
If you've a second mortgage, you can still apply for a deed in lieu of foreclosure. However, your first lender will include a non-merger clause into the deed in lieu agreement. As per this clause, the second lender will not be able to claim any legal action against the first if the latter does not clear the outstanding debt of the second lender.
Thanks |
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uunhappyinga
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Post subject: lieu of forclosure |
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I am 62 years old. My daughter and son-in-law live out of state. He was recently in an accident and can not work. iIn addition ,I also, have medical conditons which puts stress on my heart which is not functioning due to an irregular heart beat.
I own a house which has been on the market for many months. Nothing is selling in my area.
I want to do a lieu of foreclosure. How do I begin this process and how long does this take?
Thanks! |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi uunhappyinga,
You'll have to inform your lender that you want to go for a deed in lieu by writing a hardship letter to him. Depending upon your letter, the lender will judge your financial situation and will let you know whether or not he would accept your request.
The time taken to complete a deed in lieu of foreclosure may vary from state to state. In most cases, it takes around 90 days to complete the whole process. Once your property is sold off, you won't be liable for the balance amount. However, your credit score would go down by 250 points.
_________________
Procrastination is the enemy of your financial success |
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jonpetkers
Joined: 14 Jan 2010
Posts: 2
1.66 Dollars($)
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Post subject: Need Some Guidance with a Messy Situation |
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| I co-own a 2-unit house with my brother that we both used to live in but is now a rental property. He is filing Chapter 7 bankruptcy which I now know means that the liability of our primary and secondary mortgages will fall solely on me. Our tenants are moving out this month and we have had no interest in ads we put out for re-renting it. Payments are up to date as of today, but I cannot afford to pay this on my own as I am married and have other property and obligations. I do not want to file bankruptcy but would like to find the solution that would give me the least detrimental hit to my credit. The house CMA shows its current value to be about 85% of what we owe on it. There are two lenders involved as well. I am worried about a deficiency judgment if I foreclose or short sale. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Pete Wesley
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Post subject: Deed in Lieu of Foreclosure |
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Hi,
I am an electrical construction worker and was injured in 2005. The injury was not enough to stop my regular $150K income which includes regular overtime which usually doubles and totals my income.
I had another injury while waiting for surgery on the first injury. This caused me to be out of the overtime loop for sure and my income was cut in half. I had bills up the yazoo. I was smart enough to carry disability insurance which paid for my auto loans totaling $1,200. I had to make this payment first then the insurance would reinburse me a month later.
This allowed me to make regular mortgage payments. The insurance ran out and now I had to pay the first and second mortgages totaling $2,900. I used the second mortgage to remodel my wife and my existing home. We were preparing the home to sell because of the extent of my injuries have left me permanently disabled.
Well the housing market crashed at the same time we applied for a home modification program which did not reduce the monthly payment enough. We fell behind in our second and first mortgage. The mortgage company said to us that our home was only worth $200K down from $450K. Our loans total around $395K with $25K in late payments.
I was told that they charged off the second mortgage. We feel that we should consider a DIF because the entire area has lost half it's equity. The mortgage company wants to do a 4th modification on our property. We now make $85K and our auto loans will be paid off within the next 4 months. Our only payments will be the first mortgage modified. The new amount is not known yet. What should we do?  |
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SLOW MOTION FORECLOSURE
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Post subject: Walk Away or Perform A Deed in Lieu of Foreclosure |
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Hi,
I am an electrical construction worker and was injured in 2005. The injury was not enough to stop my regular $150K income which includes regular overtime which usually doubles and totals my income.
I had another injury while waiting for surgery on the first injury. This caused me to be out of the overtime loop for sure and my income was cut in half. I had bills up the yazoo. I was smart enough to carry disability insurance which paid for my auto loans totaling $1,200. I had to make this payment first then the insurance would reinburse me a month later.
This allowed me to make regular mortgage payments. The insurance ran out and now I had to pay the first and second mortgages totaling $2,900. I used the second mortgage to remodel my wife and my existing home. We were preparing the home to sell because of the extent of my injuries have left me permanently disabled.
Well the housing market crashed at the same time we applied for a home modification program which did not reduce the monthly payment enough. We fell behind in our second and first mortgage. The mortgage company said to us that our home was only worth $200K down from $450K. Our loans total around $395K with $25K in late payments.
I was told that they charged off the second mortgage. We feel that we should consider a DIF because the entire area has lost half it's equity. The mortgage company wants to do a 4th modification on our property. We now make $85K and our auto loans will be paid off within the next 4 months. Our only payments will be the first mortgage modified. The new amount is not known yet. What should we do? |
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aanonymous
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Post subject: property tax |
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| should property tax & insurance still be paid on a home that has recieved aforclusere notice |
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