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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi trb!
Welcome to forums!
You can apply for a deed in lieu of foreclosure in order to get rid of the property. But this will have a negative affect on your credit report. Your score would go down by 250 points and you won't be able to get a loan for the next 3-4 years.
Feel free to ask if you've further queries.
Sussane |
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assumpta
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Post subject: which option can i take |
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| i can't afford my home even when i do loan modification, i put the home for short sale but i have no offers yet. i feel deed in lieu of foreclosure is my left option. my question is how bad will it affect my credit and what are the things i need to do to make sure i have no liability |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Welcome assumpta,
A deed in lieu of foreclosure will reduce your score by 250 points. You won't be liable for the deficient balance as the lender will forgive it.
_________________
Procrastination is the enemy of your financial success |
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Reggie
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Post subject: Deed in Lieu |
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| As I recall, there is a nominal payment made to the borrower for the deed in lieu, is that true? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Reggie!
Welcome to forums!
I haven't heard about nominal payments made to the borrower in case of a deed in lieu of foreclosure. However, there is something called cash for keys offer. In this case, the bank may give a cash settlement to the homeowner in exchange for vacating his or her foreclosed home.
Feel free to ask if you've further queries.
Sussane |
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Reggie
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Post subject: Deed in Lieu |
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| My dilema is that I have 3 months of payments behind at this point. I want to give it up, but not until November of or December. I will pull the trigger on a deed in lieu by requesting it from the lender; but I don't know when to pull that trigger. Should I keep payin the insane mortgage and stay under the three month late or what? |
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jcamp68
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Post subject: investment property sale |
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I live in California and have a property in Texas I'm trying to short sell due to lack of tenants. There is a 1st and 2nd for a total of about 140k. Our first offer was countered by the bank and the buyer walked and now I'm close to forclosure. Should I continue to try and find a buyer or let it go or do a deed in lieu. I'm behind in payments 6 months at this point as well so my credit score which used to be high 700's is probably shot now.
Suggestions or comments welcome |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Reggie,
As you are already late on your mortgage payments, you can contact your lender and apply for a deed in lieu of foreclosure now. There are chances that the lender will accept your deed in lieu of foreclosure request in such situation. The lender will sell off the property to recover his dues.
To Jcamp,
As you are already 6 months deliqneunt, the lender has the rights to foreclose the property. You can apply for a deed in lieu of foreclosure in order to get rid of your property. However, your scores would go down by 250 points.
Thanks |
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Richie
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Post subject: help |
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I would like to know how to receive the $3500.00 for moving out early with Bank of america short sale. What forms I fill out also what forms for taxes.
[Email address and phone number deleted as per forum rules. Thanks.] |
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c.v.
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Post subject: deed in lieu |
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| i try to work with my bank the payment the offerred to me is to high in the mod is the taxes to be paid if i do the deed in lieu if i have a fha insured loan |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To Richie,
Are you looking for the cash for keys option? It will be the lender's discretion whether or not he would give you the option.
To CV,
If you go for a deed in lieu of foreclosure, the lender won't come after you for the deficient balance. This forgiven amount will be considered as your income and the IRS may charge taxes. However, depending upon the Mortgage Debt Relief Act, you may not have to pay the taxes.
Feel free to ask if you've further queries.
Sussane |
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dnyfl23
Joined: 08 Jul 2010
Posts: 1
1.23 Dollars($)
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Post subject: Question for you |
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| Hi JessicaI have a question in 2008 we bought a home in FL at 283k we had 3 kids at the time, we now have 5 kids and the house is becoming very small . And w/one salary and increasing taxes the payment is becoming difficult to pay each month Also since the house has no equity i feel as if we are just throwing $$ away each month. I can not sell it b/c its worth 200K and i owe 265k on it still. We need a bigger home as well w/the kids. We have missed a few payments and the bank put us in that home affordable program but we keep getting the run around saying it takes months to finish the review does a deed in Lieu help us ? What are options ? |
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anonymous5
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Post subject: deed in lieu |
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| We have a deed in lieu of forclosure from about 2 years ago, we are slowly rebuilding our credit, but our credit report is showing a forclosure not a deed in lieu of, also it is showing we have a balance although we were told by WF their would be no balance. I have disputed this but it cam back that the information was correct?? Is this true? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi dnyfl,
A deed in lieu of foreclosure will help you in getting rid of the property. However, you won't be liable for the balance amount resulting from the property sale. But again, this will have a severe negative affect on your credit report. Your score would go down by 250 points and you won't be able to qualify for a mortgage in the next 3-4 years.
Hi anonymous,
I hope the deed in lieu of foreclosure took place on your primary residence and the loan was purchase mortgage. In that case, the lender will not be able to come after you for the balance dues. If the lender is doing so, it will be considered as illegal. You need to contact your attorney and try to resolve the issue.
Thanks,
Jerry |
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Tom R
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Post subject: deed in leiu |
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| We have been offered this through pinnacle recovery who represents Tahiti Village in Las Vegas. We cant afford the payments. Is this a smart thing to do. They said we would be free of all obligations. Thank You |
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