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PEEWEE
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Post subject: DEED IN LIEU |
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| i BOUGHT MY HOME 1 YR AGO IN FL. i AM NOW UNABLE TO MAKE MORTGAGE PMTS, i HAVE BEEN MAKING LESSER PMTS WITH WELLS FARGO EACH MNTH TO LEARN I NOW HAVE A 6,000 BALLOON PMT. I THOUGHT I HAD A FIXED RATE. THEY SAID I DO. I AM NOW FACIENG FORCLOSRE OR EITHER DEED IN LIEU. WHAT WILL I BE LIABLE FOR. CAN THEY GARNISH MY WAGES. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: |
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Hi PEEWEE,
If your property is foreclosed by the lender, then he would come after you for the deficient amount resulting from the sale of the property. If you do not pay it off, the lender will be able to garnish your wages.
In case of a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale. Thus, you won't be liable for any payments.
Take care. |
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marty
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Post subject: deed in lieu |
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I have a house in NV. bought in 2005. I owe 300,000 on this with an 100% mortgage 80/20. We stopped payments on loans in 2008 due to loss of income, and put the house up for sort sale. We had an offer of 125,000 in 2009 which the bank said Ok to. We moved into a rental property at the end of the year as the buyer wanted to move in imediatly. Then at closing they wanted us to pay the 5000 in closing cost. We did'nt have this, so the sale was stoped by the bank. I spoke with the bank today and they (BA) want a deed in lieu. Will this take away responsibillity for both loans,& will I be taxed on the difference of the home value (80,000 at present)
Should I have legal help with this? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Alfred
Guest
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Post subject: Foreclosure |
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Hi Jessica
My wife (devorice pending) owned 2 properties before we got married. As a token of good faith, since we were married I decided to contribute toward the mortgage payment. To make a the story short. One of the houses went into foreclosure. She did a "Short Sale" in March 2009, and sold the house. She told me after 3 months my name should be off the Credit report since my name was not on the "Deed Of Sale". A week ago I applied for a free credit report and my mortgage still appears on my credit report. What can I do to have that "Mortgage report" taking off my Credit report.
Yours sincerely
Alfred |
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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 Alfred!
Welcome to forums!
If your name is not on the mortgage documents, then you won't be liable for the loan payments. You can contact the credit bureau and ask them to rectify the error.
Feel free to ask if you've further queries.
Sussane |
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Breathing room
Guest
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Post subject: A big rock and a harder spot |
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I have been on Long Term Disability for over 10 years (SSD and insurer paid) and according to my state laws it cannot be Garnished.
I am current on all bills, and a have squeaky clean credit report for over 25 years despite my medical issues. However, COLA haven't kept up with the real Cost of Living and I have exhausted my retirement plans, pension and savings keeping current on my bills. Now I am faced with a home loan for 45k more than the value, after a recent re-apprised by the local county tax office, and after paying on it 9 years. Add to this a slap in the face, I don't meet the new bankruptcy formula for chapter 7. Anyone would be hard pressed to convince me Washington didn't see this meltdown coming and changed the bankruptcy laws.
Either way now for the Bigger Rock and the Harder Spot... my father-in law and mother-in law are in their late 80's and live with us. Now my mother in her late 80's is beginning to need the same help.
So I am in the process of developing a letter to the 1st and 2nd mortgage holders. In it I am asking for permission to conduct a short, or a voluntary foreclosure, with some agreement as to saving enough of my credit score to rent a decent apt or home when we all move.
Do you have any viable suggestions?
Thank you for any reply |
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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 Guest,
Rather than applying for a foreclosure, you should request your lender for a short sale. This will reduce your score by 80-100 points. In case of a foreclosure your score would get reduced by 250 points which can make it difficult for you to rent a property. However, you should remember that in case of a short sale, you would be liable for paying the deficient balance resulting from the sale of the property.
_________________
Procrastination is the enemy of your financial success |
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Greg101
Guest
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Post subject: Deed in lieu |
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Hello,
I had a HELOC with a bank and now they have been bought by another bank. I thought it would go into foreclosure but the bank has done nothing, it is the only lien on the house, it was a rental but now it has been sitting empty for over six months.
I am considering bankruptcy, but should I do a deed in lieu now?
What should I do?
Thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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enigma
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Post subject: deed in lieu |
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| hi when can i expect to be able to get another home loan after i have done a deed in lieu? |
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fred5295
Guest
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Post subject: deed in lieu of foreclosure |
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| do i need to contact a lawyer to submit a letter to my bank or can i submit the letter? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To enigma,
You will have to wait for 3-4 years in order to get a mortgage after a deed in lieu of foreclosure.
To Fred,
It is not mandatory for you to take the help of an attorney and submit the letter for a deed in lieu. You can submit it yourself as well.
Feel free to ask if you’ve further queries.
Sussane |
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randy humes
Guest
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Post subject: deed in lieu |
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| How long does the process take? |
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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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Welcome randy,
It takes a considerable period of time to complete the process of deed in lieu. Normally it would take around 90 days to complete the process.
_________________
Procrastination is the enemy of your financial success |
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