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anonymous19
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Post subject: what exactly does a deed in lieu do to credit by itself? |
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I see that this option is better than foreclosure, because you're not behind on payments, etc. However, what is the bottom line for my credit if I choose to give the house back to the bank in a deed in lieu of foreclosure, while I'm still managing to be current, trying to sell at 0 equity and running out of unemployment to pay them, which is why I have to get rid of it?
What will it do to my credit in terms of applying for loans, what my total score will look like before/after, and buying a house in the future?
Thanks! |
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Z Burkett
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Post subject: Deed in lieu |
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Anonymous19
Deed in lieu is a foreclosure. Similiar to you giving your car back to the bank. It saves the bank time and money from having to go through the process of having to foreclose. Will still show up on your credit as a foreclosure. You would be better off trying to do a loan modification. I used Corey Lassiter at Clear Image Financial Group Inc 877-940-1477 ext 231. Maybe he can help you. If nothing more he can tell you what your options are. Who knows maybe deed in lieu just might be the best thing for you. Especially if you no longer want the house. I hope this helps! |
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gldngrl
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Post subject: deed in lieu |
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| how long does a deed lieu normally takes from start to finish? |
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anonymous 24
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Post subject: florida nightmare home |
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| Hi, I bought a home 4 yrs ago in florida by a fraudulent private seller and rented the home out but it has been the worst experience. I have people stealing the refrigerators, the mgnst co won't help and withhold rent and i lost my job a year ago. I have savings but need to buy something for myself before i become homeless. Wells fargo isn't helping me with a loan mod, short sale or anything. I am afraid they are going to sue me if i stop making the payments but I can't take the stress anymore. Please advise. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi gldngrl,
As far as I know, a deed in lieu of foreclosure will require a time period of 90 days to complete after it starts off.
Hi anonymous,
If you stop making the payments, the lender has the rights to foreclose the property. After a foreclosure, the lender can sue you for the deficient amount resulting from the sale of the property. You can apply for a deed in lieu and check out if the lender is ready to help you.
_________________
Procrastination is the enemy of your financial success |
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chetell
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Post subject: Deed in Lieu or Short Sale? |
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| I bought my house in 2007, I am now going through the modifications of the home and it is still not what I can afford. It seems that I have no other option for my home and was wondering about a Short Sale or a Deed in Lieu. I don't just want to leave my home but I'm already 6 months passed my payments. What should I do? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi chetell!
Welcome to forums!
If you are unable to afford your present property, it is better to go for a deed in lieu of foreclosure. Though it will lower your credit score by 250 points, you won't be responsible for paying the balance amount resulting from the sale of the property. However, your credit score would go down by 250 points.
Feel free to ask if you've further queries.
Sussane |
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confused
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Post subject: deed in lieu |
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| I was required to sign a deed in lieu, at closing, as a condition of the sale on a wrap around mortgage. I found out that they can record that at any time because the "private" lender told me that he is recording the deed. Is that something I have recourse on, and where can I find help? |
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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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You need to speak to an attorney in this regard. He will be able to let you know whether or not you have a legal recourse to this matter.
_________________
Good is the Enemy of Great. |
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Malcolm E Reding
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Post subject: Mortgage relief act |
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| The Mortgage relief act that was due to expire last year has been renewed for several more years. |
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Lori
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Post subject: Deed in lieu |
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| We were told that we would have put our house on the market for at least three months before our home would be considered for the deed in lieu option. Is this correct? The market value is $28,000 less than what's owed on the mortgage. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi Lori,
It is absolutely correct that you will have to list the property in the market for 3 months and check out if you can sell off the property. If you are unable to sell off the property, then you can contact the lender for a deed in lieu.
_________________
Procrastination is the enemy of your financial success |
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jim m.
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Post subject: fha insured mortgage |
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| if i have an fha insured mortgage,and go into default,will they still come after me for a deficiency,even though they get there money back from the government. |
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S12
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Post subject: Rental Property |
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Hi,
I have a condo that my wife and I currently rent out. We are negative on the difference of the rental income and the mortage payment. The property has a negative LTV. I currently own another home that I live in. My renters decided to leave unannounced and I am unable to afford the mortage payment anymore. The bank is not willing to work with me on the loan, should I request a deed in lieu of foreclosure? Are there any other options? |
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billy
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Post subject: |
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we have been in our home for about 5 years, we are no longer able to afford the monthly payments. we requested a repayment plan. we were accepted for the repayment plan but the new monthly note is still too high.
is it too late for a deed in lieu of foreclosure? |
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