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ISABELLA
Guest
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Post subject: FORECLOSE |
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| HI MY HOUSE IS IN FORECLOSE BUT I HAVE ANOTHER PROPERY THAT IT IS RENTED DID YOU KW IF I WILL LOOSE MY OTHER HOME TKS |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To jack,
You need to contact your lender immediately and apply for a deed in lieu of foreclosure. The lender will judge your financial situation and let you know whether or not your request will be considered.
To Julie,
As the loan has been discharged and you haven't signed the reaffirmation letter, then you won't be liable for the mortgage dues any longer. You can leave the property. The lender will sell it off to recover the dues.
You will have to wait for 2 years after the bankruptcy discharge in order to qualify for a FHA loan. If you want a conventional loan, then you will have to wait for 4 years after the discharge.
To Isabella,
You won't lose your another property. However, after the foreclosure if you are unable to pay off the deficient balance, the lender will be able to place a lien on your other property.
Feel free to ask if you've further queries.
Sussane |
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keiara
Guest
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Post subject: Condo Problems |
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| I'm now in a condo that is having a lot of problem. We are so far behind with our waterbill. They are threating to shut the water off. I would love to know if it is a way I can get out of the condo. I really don't think I can sell. I'm more than sure I will not get no where near what I paid for. This was my first and a very bad investment. Please let me know what options or if I have any options to get out of this. Thank you very much |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi keiara,
You will have to contact your lender and apply for a deed in lieu of foreclosure. You need to write a hardship letter for this. This is one of the ways to get rid of your property. Moreover, you won't be liable for the deficient balance resulting from the sale.
Thanks |
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Peg
Guest
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Post subject: Deed in Lieu |
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| Can you do a deed in lieu of foreclosure if you have a federal tax lien? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Peg!
Welcome to forums!
Though you have a federal tax lien on your property, you can apply for a deed in lieu of foreclosure. However, as far as I know, the federal tax lien will get first priority while your property is sold off. The rest of the amount after paying off the tax lien will go towards your mortgage.
Feel free to ask if you've further queries.
Sussane |
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gailifier
Guest
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Post subject: Bankruptcy-Deed In Leiu |
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| My bankruptcy went through and all debts discharged on 6/2009. I contacted by certified letter to mortgage company that I wanted to relinquish property-They changed locks on Jan 9, 2010. Still showing on my banking information as active. Called bank-said I can do a Deed-In Leiu-Question they want hardship letter plus tax return from last year and my most recent 2 paychecks, and copy of the discharge papers. Are they going to require me to pay whatever deficiency there may be when they sell it and am I going to have to pay deed tax? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi gailifier,
The lender can ask for the bankruptcy discharge letter and the hardship letter but he will not be able to go after your pay checks or tax returns. I would suggest you to contact your bankruptcy attorney and ask him/her to deal with the lender.
_________________
Procrastination is the enemy of your financial success |
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Tom Pilkington
Guest
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Post subject: DIL |
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| What is the effect and what are the options if there is a 2nd mortgage on the DIL property? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi Tom,
Deed in lieu of foreclosure will help you in getting rid of the property. Your score will get reduced by 250 points and it will remain on your credit report for 7 years. You won't be responsible for paying the deficient balance resulting from the sale. If there is a second mortgage on the property, then you will be liable for paying off the mortgage dues.
_________________
Procrastination is the enemy of your financial success |
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scott24
Guest
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Post subject: Deed in lieu |
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| Hello , I have a rental property in Az .that I cant afford anymore because of a divorce. The loan is for 200K but is worth 114 to 165k. I have no retirement and i have 16K in credit card debt. Would a deed in lieu be a way to go,and would I be on the hook for any outstanding balance left on the house if the bank sold it for less than what was owed ? Can Bankrutcy be used to save a rental property ? ty for your time. |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Post subject: |
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Hi Scott,
A deed in lieu of foreclosure will help you to get rid of your underwater property. You need to contact your lender and apply for the same. In case of a deed in lieu of foreclosure, the deficient amount will be forgiven by your lender. Thus, he won't be able to come after your other assets to recover the debts. However, it will have a negative affect on your credit report and your score would go down by 250 points. You should first check whether or not your lender accepts your request. In not, then you can think about filing bankruptcy.
_________________
Procrastination is the enemy of your financial success |
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Chigurl1981
Guest
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Post subject: Could a Deed in Lieu be an options for us? |
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| I bought my 1bd rm condo in Aug. 2006 for $169,900, before I met my now, Husband. He bought his 2bd condo in 2004. When we got married we moved into his house because mine is not big enough for both of us and we opted to rent mine out at a negative $500/mo. at the time we could afford it and hoped the market would turn around. Recently the property taxes went up an extra $250/mo...yes you read that correctly and we are already charging the most rent we possibly can in that area. On top of that we have been blessed with a baby girl due in 4 months. With our upcoming baby expenses, medical bills, and daycare costs we will no longer be able to afford to pay the mortgage on the condo. Since it's now considered to be an "investment" property we don't qualify for any loan modifications, we can't refinance because 1) the investment property status and 2) the market value has dropped $25,000 and we can't afford to sell. We've contacted the mortgage company several times with no help. We have 4 months until our baby is due and we are running out of time & money. Could a deed in lieu be an option for us. We really need help. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Chigurl!
Welcome to forums!
A lender will accept the request for a deed in lieu of foreclosure when you are delinquent on your mortgage payments. However, as you are facing hardship in paying off the mortgage dues, I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. If the lender is convinced about your hardship, he will accept your request.
Feel free to ask if you've further queries.
Sussane |
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trb24
Guest
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Post subject: options on selling my home |
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My wife passed away 2 weeks ago., and we were only making the interest payments to stay here, We needed both of us to make the payments' just to get loan. Without her, I can not afford this place, nor do I want to stay here, renting out is not an option, I want to move out of state.
Any advise would be helpful |
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