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Kfair
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Post subject: Deed in Lieu |
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| I am in the process of doing a DIL. What do I need to do to make sure that I don't have to pay anything after all is said and done (deficiency) and also how much is deed tax in NH. Do I have to pay this. |
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SMB
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Post subject: best option |
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My husband and I were medically retired from our jobs. We will receive disability payments for the rest of our lives. The amount is significantly less than what we earned while working. We currently have an interest only loan and was informed by our mortgage company that our loan will be increasing by $ 600.00 per month due to change in loan. If we can no longer live comfortably to pay the " new" payment and opt for Deed in Lieu of, would we have great difficulties in purchasing another home in the state we reside in or if we move out of State?
My second question is because we would not qualify for a loan modification due to a modest college savings account, could the lender come after our assets? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To Mrs. Ainsworth,
If the mortgage is in your name, then the deed in lieu of foreclosure will have a negative affect on your credit score. Your score would get reduced by 250 points and it will remain as a negative mark on your credit report for the next 7 years. Also, you won't be able to get a mortgage in the next 3-4 years.
To Kfair,
The lender forgives the deficient balance resulting from the deed in lieu of foreclosure. He will not come after you for the balance amount. However, the forgiven debt will be considered as your income by the IRS and they will charge you taxes for that amount. But again, depending upon the Mortgage Debt Relief Act, you will not be required to pay the taxes on the forgiven debt.
To SMB,
If you file a deed in lieu of foreclosure with your lender and sell off your property, you won't be able to get approved for a loan within the next 3-4 years. You can rent a property for the time being, improve your credit score and then look out for loans to purchase a property. After a deed in lieu, the balance amount is forgiven by the lender. Thus, he won't come after your other assets.
Feel free to ask if you've further queries.
Sussane |
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bernard
Guest
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Post subject: |
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| can i do short sale even if the person in the grant deed dont want to do shortsale |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi bernard,
In order to sell off the property, all the co-owners will have to sign the property deed. If one of the co-owners does not sign the deed, then you won't be able to short sale the property.
_________________
Procrastination is the enemy of your financial success |
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anthof
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Post subject: how long do we stay in home after deed in lieu is signed? |
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| Hi, we were approved for a loan mod for more than our actual mortgage was!! We don't want foreclosure, and our only option seems to be a deed in lieu. My question is...if we sign a deed in lieu, how long are we allowed to stay on our property? Do they say, "thanks for signing now be out in 2 weeks"?! Or do you have 30 days? What's the time-line? Thanks for any advice. We're in Cleveland, OH if that makes any difference. |
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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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| As far as I know, you would be able to stay in the property until the sale is over. After the sale, you would get a notice period of 3 days to leave the property. You'll have to leave the property within that time period. |
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jennp
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Post subject: deed in lieu of foreclosure |
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| Our home has been on the market as a short sale for several months now and has not gotten an offer. The bank said it would do a deed in lieu of forclosure for $3000. She we do this? Also I spoke with a lender who told me the underwriters in Idaho consider a deed in lieu the same as a foreclosure. Why is this? |
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c.ness
Guest
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Post subject: deed in lieu |
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| We were given a two year loan modification and are still have difficulty making the loan payment because of all our other dedt. It is possibe to request a deed in lieu when you have a short term modified loan |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi jenmp,
Deed in lieu is more or less the same as foreclosure. Both of them will have similar effects on your credit report. You score would get reduced by 250 points and you won't be able to qualify for a loan in the next 3-4 years. However, the major difference lies in the fact that in case of a deed in lieu, you won't be liable for the deficient amount resulting from the sale of the property. If you are unable to pay the deficient amount, then deed in lieu is a good option for you.
To c.ness,
Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about36986.html#158785
_________________
Procrastination is the enemy of your financial success |
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scottneedshelp
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Post subject: deed in lieu |
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| I have a house that was supposed to be a "quick" turn around investment. Needless to say this is now a loosing rental property that is very upside down! I currently owe $184,000.00 and was told by several realators that I would be lucky to get 149,000.00 and that is with out there chunk. I am not behind on payments but i will not be able to last much longer because my tenant is now not paying rent. To make things worse I have my residential property that is part of the collatteral. This house has about $90,000.00 in equity. The problem is that we already are completely tapped out and could not even afford a larger payment if we tryed! Is this still a possibility "deed in lieu" What do you recomened. |
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lckgone
Joined: 06 Apr 2010
Posts: 2
1.36 Dollars($)
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Post subject: When to seek an attorney |
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| For a DIL should an attorney be hired to deal with the bank or is it better to handle myself? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Guest,
You are in a tough situation. I would suggest you to have a word with your lender and apply for a deed in lieu. I did not exactly understand, what you wanted to mean when you said – "To make things worse I have my residential property that is part of the collateral."… Can you explain this, please?
Hi lckgone,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/problems/deedinlieu-attorney-help.html
Take a look at it. Hope it helps you.
Thanks |
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watsonsh
Joined: 09 Apr 2010
Posts: 5
2.22 Dollars($)
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Post subject: Deed in lieu or forclosure...what to do? |
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| Jessica, you seem super smart. I am uspside down on my house here in WA by about 40k to sell and pay a realtor would be about 60K out of pocket which I can not afford. I own a house in CA that I will be moving back to in 4 years. I contacted the lender about loan modification and they were only able to get the payment down by $800, not enough. Would a deed in leiu be my best option and how much will that end up costing me in dollars? My loan is for 400K and my house is worth about 370K. I have no seconds on the house and no other debts so I am not even considering bankruptcy, I simply can't afford my house due to job loss and hospital bills. Sound advice would be greatly appreciated. Thanks!! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi watsonsh,
If you want to get rid of the property, then a deed in lieu is a good option for you. However, though it will help you in get rid of the property and you won't be liable for paying off the deficient amount, it will lower your credit score by 250 points. Also, it will remain on your credit report for 7 years and you won't be able to qualify for a loan in the next 3-4 years.
Thanks |
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