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deborah2757
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Post subject: |
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| I am unable to make my mortgage payments.I am going to be moving next month to another state. I also have a lot of credit card debt and am thinking about bankruptcy. Can I obtain a lawyer in another state? |
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anonymous33
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Post subject: deed in lieu |
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| My bank recently started the foreclosure process. I have been contacting them for 8 months to try and modify the loan and haven't succeeded. Now the payments are 4 - 5 months behind. I have asked about deed in lieu and they say that the property has to be listed for 3 months. Is this accurate or is there a way to bypass this? The loan is thru Wells Fargo. |
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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 deborah,
You may be able to obtain a lawyer in another state but it would be better if you could obtain the lawyer in the same state where your property is located.
Hi anonymous,
You will have to list the property for 3 months and check out if you can get a buyer for the property. If you don't get any buyer, then the lender can start off with the deed in lieu of foreclosure procedure.
Thanks |
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Jim in FL
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Post subject: DIL |
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Divorced, she has house as PR and responsable for all associated fees stated in DIV FJ. When CS ends, property to be sold, proceeds split. I pay alimony and CS to state. Both our names are on mortgage, in mortgage I can not get my name off, unless RF or sold. neither of us can RF. She has not paid HOA or mortgage since May of 2009. Got served with papers.
Owe $80, market may $110-$120. Want to try to cut loses ASAP. Credit already shot. QCD to her? DIL? if DIL or Foreclosure, can I go after her for losses that possable could have been gained from a sale if not for her actions. Any precidence for this? Case Law? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Jim!
Welcome to forums!
Rather than letting the lender foreclose the property, it would be a better option to go for a deed in lieu of foreclosure. The lender will forgive the dues resulting from the property sale. If you wish, you can go after her to recover the losses.
Feel free to ask if you've further queries.
Sussane |
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Jim in FL
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Post subject: DIL Sussane |
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| Agree with DIL. Your indicating HOA fees would be included in DIL forgiveness? Also any taxes, interest, attorneys fees for HOA, how can those be directed to her for responsabilaty of satisfaction. Where to look for precidence? Thanks. |
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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 Jim,
The HOA fees may not be included when your mortgage balance is forgiven. You will have to pay off the HOA fees in full.
_________________
Procrastination is the enemy of your financial success |
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Extremely Frustrated
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Post subject: HAFA Program |
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Hi Deborah,
I had an 80/20 mortgage, and found myseld falling behind. I applied for modification on both loans. The 80 portion was approved and modified, the 20 portion was denied and written off, and has now since gone to an outside collection agency. I recieved notice from the collection agency by mail last week. Yet..... yesterday I recived a FedEx package form the lender that wrote off the 20 portion, offering me concideration for the HAFA, which invloves short sale or deed-in-lieu. None of which I want. I wanted to save my home, ehich is why I applied for the modification. Still not understanding how the 80,000 portion could be approved, but the 30,000 written off by the second lender in which I owe the lesser ofthe two amounts. Also, how could they now offer me concideration for the HAFA, if they are no longer holding my loan, and wrote it off- sold it to someone else??? |
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Michigan Sufferer
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Post subject: Upside down mortgage |
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I recently moved from a home that mortgage far exceed what the property is going for in that area. In order to secure my home from vandalism I have rented the property for less than half of the mortgage. I am struggling with payments but I am not more than 30 days delinquent. I will retire in two years and will not be able to make up the difference in the mortgage. What options do I have on mortgage property that I am not living in.
Michigan Sufferer |
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anonymousjoe
Guest
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Post subject: Deed in Lieu of Foreclosure |
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| Can't keep up with payments on an investment property. Bank says "deed in lieu". Valuation will cover the debt. I have insufficient income for modification. Will I have a tax hit? Owner is an LLC, if that matters. |
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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 Guest,
It is completely the second lender's discretion whether or not he would modify the loan. Though the first lender has modified the loan, the second lender can charge off the loan to a collection agency that can harass you for payments. You can ask the lender to withdraw the account from collections and negotiate with him so that he gets ready to modify the loan.
Hi Guest,
If you want to get rid of the property, then you can apply for a short sale. This will help you in selling off the property. You would be liable for paying off the balance dues resulting from the property sale. However, you can always negotiate with your lender so that he forgives the dues.
Hi anonymousjoe,
There won't be a tax hit if you go for a deed in lieu of foreclosure. The sale of the property will recover the mortgage balance in full. Thus, the lender won't forgive any dues. So, the question of tax hit does not arise here.
_________________
Procrastination is the enemy of your financial success |
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T2
Guest
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Post subject: Deed in Lieu |
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| How long does Deed in Lieu take? From Start to finish. |
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Lydia
Guest
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Post subject: deed in lien of foreclosure |
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| Can the bank come after you for the blance of the loan when you do a deed of lien foreclosure?? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Charlie Owens
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Post subject: Deed In Lieu of Foreclosure |
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| I have been in a short sale/foreclosure process for about 7 months and have been unable to sell the property which has depreciated 50% in 3 years. There is a first and second mortgage on the residence and the first mortgage holder has sent me a Deed In Lieu Of Foreclosure Agreement which I received today. How does this work if a person has a 1st and 2nd mortgage? |
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