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Thevan
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Post subject: Deed in Lieu |
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| We fell behind in payments when my husband lost his job and we tried the loan modification program which was denied. Then the bank tried to do an inhouse modification, but after seeing our income and expenditure figures, are unable to come up with anything. When i asked the options, they suggested a Deed in Lieu. If I accept this option, how much time do I have to stay in the house; (2) will it affect my credit history; (3) will I be still be liable for the short sale if this happens. How much time do i have to move out of the house once i agree to the Deed in Lieu? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi Thevan,
If the lender accepts your request for a deed in lieu, then you will have to surrender the property to the lender and leave it. If you want to stay in the property, then you will have to negotiate with your lender. It will definitely affect your credit history. Your credit score would get reduced by 250 points and it will stay in your credit report for next 7 years. Once the deed in lieu is accepted, I don't think there is any need to apply for a short sale.
_________________
Procrastination is the enemy of your financial success |
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thechosenone
Joined: 14 Mar 2010
Posts: 1
1.17 Dollars($)
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Post subject: deed in lieu foreclosure |
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| I have rental property that brings in very little but costs me greatly. I have exhausted all bank account in order to make mortgage payments. They have been on the market 5 different times, and still no buyers. To make matter worse, no realtor wants to list them because they know they can't sell them. I am now looking at foreclosure. I don't know what to do. HELP! |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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| You can apply for a deed in lieu of foreclosure with your lender. It will be the lender's discretion whether or not he would accept your request. If the lender accepts it, you would be able to get rid of the property and you won't be liable for the deficient balance resulting from the sale. If the lender does not accept it, then you will have to let the lender foreclose the property. |
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Florida Timeshare
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Post subject: Deed in lieu |
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Hi Jessica, back in 2006, I was in the military and my girlfriend and I both purchased a timeshare in FL. Since then we split and I got out of the military. I was not able to pay for the timeshare and she refused to pay also. Now, I received paperwork for me to sign so that I would not be responsible for it anymore. Are there other options in timeshare properties? Owning that property never showed on my credit report, now after the Deed in lieu, it will?? is that correct?
thanks,
Charles |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi Charles,
If you go for a deed in lieu of foreclosure in order to get rid of the property, then it will be mentioned in your credit report. It would be considered as a negative item and will remain on your credit report for 7 years. Also, it would lower your score by 250 points.
_________________
Procrastination is the enemy of your financial success |
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HONDO
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Post subject: deed in lieu |
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| My father has been ill since early 2008. I live 10 hours away and travel to help with his needs.As this became a financial and personel strain on my family I decided to put my home on the market in august of 08. In almost 3 years I`ve nevr had an agent bring a potential buyer or anybody else look at or make an offer. I bought the home in june of 07 for 165,000 I owe 150,000 to B of A. An appraisal in 03/10 came in at 125,000 I requested a deed in lieu , but since I wasn`t delinquent BofA said no. So I`ve decided not to make any further payments. I live in Ca. have no assessts and wish to leave to be closer to my father.Could you please explain the future implication of my actions for the deed in lieu. I`m going to wak with or with out BofA `s blessing. What should I agree to w/ BofA if they approve .I don`t want my ignorance to be taken advantage of by them. My father wants to sell me a home he has so I can be close by Is this wise ?Will BofA put a lien on that property if my name appears on a deed? Alot I know,THANKS |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Sasha
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Post subject: cash for keyes |
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| My lender and I were not able to agree on a loan modification amount. As a result, I have no choice but to allow my home to go into foreclosure. I have heard about "keyes for cash". I understand the fundamentals of this program, but what is the timeline and more specifically how can I receive compensation for moving expenses and motel fees at this already unstable time in my life? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Mark and Lucy
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Post subject: Voluntary Foreclosure during a chapter 13 bankruptcy |
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Hi Jessica:
My wife and I are currently in a chapter 13 bankruptcy and will be until 2013.
We live in a town home association. The members of the association have recently voted in favor of a a one-time assessment of $16,700 due by June 1, 2010. We do not have the money to pay it in one lump sum or the option of paying $3,400 over a five month period with final payment due 10-1-2010. Therefore, we have a huge problem. My question is: Should we try to negotiate with our town home management (it's a 6 person board comprised of the people who live in the development) to pay them what we would normally pay in our first and second mortgages (our house is our collateral for the second mortgage) over about a nine-month period? In the meantime, unless we win the lottery, both our first and second mortgages will go into default and the wheels of foreclosure should be well underway by the time we have paid the town home association for their assessment. We feel this is just throwing good money after bad but we're concerned that if we don't pay it, the town home association (HOA for now on) can and will sue us at a later date. Would we be better off now to find and move into a rental property (while our credit report does not show delinquent mortgage payments on it); stop making payments on both mortgages, as would no longer be living there and could not afford to pay both rent and 2 mortgages; let it go into foreclosure and
then with foreclosure pending, enter into a deed in lieu of foreclosure with our mortgage company and secure a release and satisfaction with the second mortgage company? Also, can the HOA sue us after a deed in lieu of foreclosure has been entered into by all parties? Thank you in advance for your opinion.  |
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Jasmine
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| None of your creditors will be able to take any action against you as you are in Chapter 13. The court will place an automatic stay on your creditors which will stop them from taking up any actions against you. As far as the town home association is concerned, I would suggest you to speak to them and try to get an affordable payment plan. As far as your first and second mortgages are concerned, you would get a payment plan from your lender in order to pay off the dues within 3-5 years. |
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annanymous
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Post subject: property in long island new york |
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Hi Jessica,
I own property in long island and I have it listed as my primary residence. The mortgage and deed is solely in my name. However I did a favor for someone to put the mortgage in my name in 2007. The mortgage is currently due for 5/09. The person is living in the home. I currently have an eviction in process in the courts. she has made the payments all along before the market tumbled. what are my options. should i do a deed and lieu with the taxes on the loss on the property be forgiven to me by the IRS. Since a 1099 will be issued. Please advise ..Thanks.. |
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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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If you are on the mortgage, then you can apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for the balance amount due from the sale of the property. However, it will have a negative impact on your credit report and lower your score by 250 points.
_________________
Good is the Enemy of Great. |
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Mrs. Ainsworth
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Post subject: Deed in lieu of foreclosure |
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| We sold the property but the new owners failed to record the deed with the county. They have since moved out without paying a dime in payments (since April 2009) to the private party lender, whome we used as well. The lender is now simply wanting their property back. However, we have received a deed in lieu of foreclosure form to sign and send back to them. We're not sure how this will affect our credit since it is a private party and if we could still be held liable for the payments the "new owner" failed to pay. Help?! |
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