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kirby1
Guest
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Post subject: Deed in Lieu |
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Hi Jessica!
Does the bank come after the home owner after the deed in lieu is accepted? Meaning can the bank, years later, take the home owner to court for the mortgage amount?
I understand that the home owner would have to be responsible from a 1099 standpoint, which is much better than a law suit for the total mortgage amount.
Can you clarify for me?
Thank you. |
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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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The lender won't come after you for the deficient amount once the deed in lieu of foreclosure takes place. The deficient amount will be forgiven by him. However, you won't be liable for paying the taxes on that forgiven amount due to the Mortgage Debt Relief Act.
_________________
Good is the Enemy of Great. |
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George D
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Post subject: Loan in default |
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| I'm 60 my wife is 52, we bought our house in 2003. We refiananced and took some equity two years ago to upgrade the house. We have both lost jobs but now both have jobs. Our income has fallen approx 12K per year and find that we cannot afford to make our house payment. The mortgage balance is 160K, per comps we found on the internet our house is worth 125 K now. We have negative equity. Should we ask Wells Fargo for a deed in lieu deal? There is way more to this story involving Wells Fargo's loan modification which was closed in Nov. It took 8 months for them to do the loan mod. When the mod was closed our payment went up $50 a month after I payed a $1250.00 fee to close. I actually haven't paid a house payment since Feb. 2009. |
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jacob
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Post subject: 19 months behind |
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| I have been struggling with chase bank for the last four years. I finaly gave up. after being denied a modification and other help I decided to move my family out of our home and into a small rental. I am happy now and I guess I am waiting to get the notice. I recieved a leter about deed in lieu of foreclosure and i figure it woud be much better. I recieved the tax assessment and it is at 198k and I owe 202k and the market is at about 170k. I want out from under the house of card that i have now. Am I right that a DILF is the best and quickest option? and they can;t try to collect the differance between the sale price and the loan amount? I know they can here in washington state if the property is foreclosed on. Clarification would be great. Thanks |
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helpme12
Guest
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Post subject: claim taxes on house |
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| Can i still claim my house even when i am behnd on payments |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi George,
In my opinion, it would be a good option to apply for a deed in lieu of foreclosure. However, it would be your lender's discretion whether or not he would accept it.
Hi Jacob,
A deed in lieu of foreclosure will be the best and quickest option in your case. It is true that the lender will not be able to collect the deficient amount from you after the sale is over.
Hi Guest,
The house will not be considered as a personal exemption. However, if you are paying the mortgage and property taxes, then you will be allowed to itemize rather than use the standard deduction.
Thanks |
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shipsailed
Guest
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Post subject: Start-Up New |
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| when you sign a deed in liue of foreclosure, do they give you a start-up fee for your future location? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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I have never heard of a starting fee given by your lender for the borrower's future location. Thus, I don't think there is any such fee.
_________________
Good is the Enemy of Great. |
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w-smith
Guest
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Post subject: deed in lieu |
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| I live in florida where nothing is moving in realestate. MY company is moving me to atlanta ga. my house is worth more than what I owe. I am unable to make the house payment and rent payment with just one income is deed in lieu a viably option? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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elza
Guest
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Post subject: deedin lieu foreclosure |
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| how to avoid to pay difference if house was sold for less than we owe |
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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 you sell off your property through a deed in lieu of foreclosure, your lender will not be able to come after you for the deficient amount. That amount is forgiven by the lender.
_________________
Good is the Enemy of Great. |
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randy1953
Guest
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Post subject: |
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| I currently have a monthly morgage of $1200 at a fixed 5.5%. In Jan. of 2009 my wife lost her job and wasn' teligible for unemployment. I have kept up with of our payments except for one. My wife started working again in Sept. but now I have lost my job of 25 years. What to do? |
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Cancer Zone
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Post subject: Options |
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We live in our dream home which is now in a "cancer cluster" per the FL Surgeon General. Our credit is not as important as the health of our children
(which this cancer is impacting). We just want "out" as quick as we can. We are hoping to find a home with owner financing or will rent if we have to. We are current on our mortgage and have good credit. Probably an unusual question, but what is the fasted way to do that with the least impact on our credit long term? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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If you want to sell your property, then you need to list it in the market. This will help you in getting buyers for your property. After the sale, if you are able to pay off the loan in full, then your credit won't get affected. If case it's short sold, then your credit score can get lowered by 80-100 points. However, renting the property will not affect your score.
_________________
Good is the Enemy of Great. |
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