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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi tracy,
I guess you're speaking about the keys for cash option wherein the lender offers cash to the borrower for surrendering the keys. You can request the lender for this option. Whether or not the lender would give you this option will depend upon his discretion.
Hi anonymousfl,
You can apply for a deed in lieu of foreclosure with your first lender. However, in this case, too, the second mortgage lender has to agree to the sale.
Take care. |
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anonymous7
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I bought a home in MD in 2001 w/ the intention of selling it w/in 5yrs (chose loan interest only for 1st 7 years). W/ the economy the value of the property dropped around 45k. I now live in TX and are renting the property in MD for less than the mortgage and it's getting harder to get a renter and cover payments. I want to sell but won't be able to for the amount owed on the loan. I have not been late w/ payments but I feel that I should not keep that property. Having it is making it more difficult to buy a home where I live now but i worry giving it up will not let me get a house b/c it will ruin my credit. Some people have told me to just turn the keys in to the bank b/c I will not be able to refinance b/c i'm under on my loan. Others tell me to try to keep it for a while longer to see if the market improves...seems like I'm wasting my money. Any advice on what I should do..turn in keys, short sale, etc?
thanks! |
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FL girl
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Post subject: deed of lieu |
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| My home is rented and I am still not able to afford it. The renter is not able to pay ontime. Home is in FL assessment about 90k less than what I paid, can I still go to morgage company and ask for deed in lieu We have relocated beacuse of job situation and its not any better with our finances because we still have to try a pay morgage and rent. Lately home insurance was due and we were not able to pay that, behind noe two months. Any suggestions..thanks FL Girl |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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To anonymous7,
If you turn the keys to the lender, still then, he would foreclose the property which will have a negative affect on your credit score and the lender will come after you for the balance amount. If you cannot afford to pay the balance dues, it's better to go for a deed in lieu of foreclosure in which the lender will forgive the deficient amount. However, your score would get lowered by 250 points and you won't be able to get a mortgage to buy a property for the next 3-4 years.
To Flgirl,
As you're facing hardship in paying off the mortgage dues, you can apply for a deed in lieu of foreclosure in order to get rid of the property. However, you should keep in mind that it would be your lender's discretion whether or not he would accept your request.
_________________
Good is the Enemy of Great. |
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Del13
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Post subject: Deed in lieu of foreclosure advice |
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| I live in Louisville, Ky. I lost my job in February 2010, and applied for a modification loan form my mortgage company when i started having problems paying my mortgage after losing my job. It is now August 2010 and still awaiting approval on my modification. I've only had part-time jobs the past few months, but now have obtained full-time employment and will be giving that info to my mortgage co. I am scared they will foreclose if not approved for modification, and am currently four months delinquent on my mortgage. Am I a good candidate for deed in lieu of foreclosure and how do I found out if my bank does these types of deeds? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi Del,
As you're delinquent on your mortgage payments, the lender will consider you for deed in lieu of foreclosure. You should contact your lender and apply for the same. Once you speak to the lender, he would let you know whether or not he does deed in lieu of foreclosure.
Take care. |
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lori
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Post subject: deed in lieu |
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| if i chose to do a deed in lieu do i have to move out of my home right a way or do i get time to find another place for me and my family? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Hi lori,
As far as I know, you'll have to leave the property once the sale is over. Thus, you'll get some time to find another place for your family once you apply for a deed in lieu of foreclosure.
_________________
Procrastination is the enemy of your financial success |
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Jolene
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Post subject: deed in leiu of foreclure |
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| If you have a finance by owner and do a deed in leiu of foreclosure will this go on your credit bureau? |
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GG K
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Post subject: Ex did not refinance and now he quit making payments |
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I moved from our prime property over 8 years ago and purchased my own house. A few years later I finally succeeded to get a legal separation granted on terms like a divorce. He wanted to keep the prime residence and agreed to refinance within 3 month. He never did refinance and is aware that he's in contempt of court.
Now he has stopped making payments on the house since Feb 10. My name is still on the loan since he never refinanced, the 25K per court order to be paid to me as part of my equity is tied in the house, the house is now in VERY bad shape (value 85K compared to in repaired state of 160K). He owes on the loans 61K and 4.1K with back payments and late fees due. I just found all this out Monday and don't know what to do ??
I need to add that the last time I bailed him out with money to avoid foreclosure, he gave me a quit claim which I had recorded with the city. I am the rightful owner, but since encountered a nasty spinal problem with made me quit my job of 33 years. I have no money to take over payments or fix the house for sale.
I want the only money I ever owned (inherited from my grandma) 25K and walk away from this disaster. Its been haunting me for so many years.
Thanks
GG K |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi GGK!
Welcome to forums!
You're in a tough situation. If you do not make the payments, the lender may foreclose the property and come after you for the deficient balance resulting from the property sale. I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. This'll not only help you in getting rid of the property but you won't be liable for paying the balance dues. But you may not get the 25k, for which you owned the property, from the sale.
Feel free to ask if you've further queries.
Sussane |
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ihatebanks
Guest
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Post subject: Deed in lieu |
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My neice had a great job that paid alot of money. She invested in a couple of rentals and was buying her personal home (with two different lenders). She decided to put her personal home up for sale and purchase another more affordable one, then she lost her job. Her previous home has not sold and the bank agreed to a short sale. The other bank agreed to a deed in lieu for the rentals. Finally she got an offer on her previous home but only to find that the bank had slapped leins on this property for the rental deficiency. Keep in mind that the lender on the rentals is not the same lender on the home. Is this legal for them to do?  |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Guest,
Though the two lenders are not the same, the lender of her rental property can place a lien on her primary residence. If the primary property is sold at the foreclosure auction, the second lender would be able to receive his dues.
Thanks |
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Fabian
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Post subject: deed in lieu |
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Hi! I'm thinkung into doing a deed in lieu, and I got the application ready.
My question is, does the lender need bank statements from the borrower and co-borrower? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Fabian!
Welcome to forums!
The lender will want to check the financial situation of the borrower and co-borrower before agreeing to a deed in lieu of foreclosure. Thus, he may ask the borrower and co-borrower to submit their bank statements.
Sussane |
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