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jj
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Post subject: for deed in lieu |
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| but how about the deed in lieu how long before you have to get out of the house for that? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi jj,
It is same with deed in lieu of foreclosure. You can surrender the property and he will sell it off to a buyer and send you an eviction notice. The time period to leave the property will be mentioned in the notice.
_________________
Procrastination is the enemy of your financial success |
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anonymous23123
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Post subject: Need help!!! |
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| I just receive a package offering me the deed in lieu option but we want to keep our house (me and my husband). My mom is able to cure the payments we missed. Is this possible? And How do I do it? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi anonymous,
You can contact the lender and let him know that you'll be paying off the back payments in full and avoid a deed in lieu of foreclosure. As far as I know, if you pay off the back mortgage dues in full, the lender will not foreclose the property any more.
Thanks |
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Anonymous23123
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| Thank you so much for your response...I will contact my lender; hopefully they will take the payments and stop the foreclosure....This is really devastating but with Faith in God everything is possible....Thank you again and God Bless you!!!! |
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mikeypar
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Post subject: deed in lieu |
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i purchased my home in 2006 using my father in laws information. i was added to the title after the purchase. i have run across some financial troubles and currently late on my mortgage. my father in law set up a deed in lieu with the lender but i still want the home.
Do i have any rights myself? what can i do if i still want to keep the house? |
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Hurting in Georgia
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Post subject: Deed in lieu of foreclosure |
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| I just read that if I choose to go the DIL route, it becomes a taxable event and that I have to pay taxes on the difference between what the bank sells the property for and what I owe. SO, say for example, I owe $155,000 and the bank doesn't sell my houses for months (or years!) and then they only get $70,000 for it. That would means I would owe taxes on $85,000!? How can that be less stressful or harmful that foreclosure itself? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi mikeypar,
If your name is on the mortgage and if you want to save the property, then you and your father in law should contact the lender and apply for a loan modification. If the lender accepts your request, then you would get affordable rates and terms to pay off the dues.
To Guest,
In case of a deed in lieu of foreclosure, the lender forgives the balance amount which can be considered as an income by the IRS. Thus, it can become taxable. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying the taxes on the forgiven loan balance.
_________________
Procrastination is the enemy of your financial success |
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Julia
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Post subject: Deed in lieu |
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Hello t everyone! My husband bought his home in FL in 2004, and it was his primary residence. 7 months later he lost his job and moved to CA for the job. We did not rent the home for a long time paying the mortgage, but decided to rent it to help us to cover the expenses. The rent never covered even the mortgage amount. Last renter trashed the house so badly that it will require $$$$$$ to fix. He also did not pay rent for 3 months. This property was never intended to be a second home or rental.
How long the deed in lieu stays in his credit? Can the lender call to his job telling that he is not paying the mortgage? We only one month behind, but to pay the Fl home we have to take money from my CA home. This is stupid to do. Can we submit a letter of hardship to the lender by ourselves or do we need the realtor? How to find a normal realtor in FL? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Julia,
A deed in lieu of foreclosure will stay in your credit report for 7 years like any other negative item. It will depend upon the lender whether or not he would call your husband at his work place regarding the mortgage payments. You can contact your lender and submit a letter for hardship and apply for a deed in lieu of foreclosure.
_________________
Procrastination is the enemy of your financial success |
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Robert L.
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Post subject: Ch. 7 Bankruptcy and Deed in lieu |
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I own one property and it is a townhouse with an HOA. I filed Ch. 7 bankruptcy in April 2009 and it discharged in August 2009 the property was listed as forfeited. I have not lived in the property since 10/07 because at that time I had lost my job and rented it out to try to offset the cost of the payments in an attempt to retain the property at that time. It has been 1 year now since the bankruptcy has discharged and the lender still has not moved forward in the foreclosure proceedings. I spoke to the lender and they offered the option of a deed in lieu but they would need uptdated income and asset information which has since increased.
Will I have tax consequences due to the fact I did not live in the property even though it was discharged in the bankruptcy?
Can giving them the updated income and assets hurt me?
I am concearned because I received a collection notice that I owe the HOA $4300 since I have not been paying it since bankruptcy proceedings began. I just need to get the ownership of the property out of my name. |
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Care Giver
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Post subject: My fathers house |
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Very strange situation. My Brother tricked my dad into signing a quick deed on the house over to him, them had him thrown out of the house. My dad still has the mortgage paymnet or laon in his name. The bank keeps threatening FC but never does. We received aletter from the bank concerning the Deed in Lieu.
Two questions. How did the state allow transfer of ownership to to my brother whnemy father still owed on the house. Number two, is there really a deed for us to sign in Lieu, even though he qucked deeded it 3 years ago. |
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Care Giver
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Post subject: My fathers house |
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Very strange situation. My Brother tricked my dad into signing a quick deed on the house over to him, them had him thrown out of the house. My dad still has the mortgage paymnet or laon in his name. The bank keeps threatening FC but never does. We received aletter from the bank concerning the Deed in Lieu.
Two questions. How did the state allow transfer of ownership to to my brother whnemy father still owed on the house. Number two, is there really a deed for us to sign in Lieu, even though he qucked deeded it 3 years ago. |
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tough situation
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Post subject: deed in lieu language |
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| What exact language (text) should be included in the correspondence to the lender when asking for a deed in lieu of foreclosure? |
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James1031
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Post subject: re: deed in lieu... |
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| Is a deed-in-lieu-of possible if I am currently receiving unemployment benefits? Given the housing market (or lack thereof) in MI, selling the house is not an option, nor is abandonment (on principle). Would foreclosure be the wiser choice? |
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