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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi Guest,
You can apply for a deed in lieu of foreclosure in order get rid of your existing property. However, you won't be able to get a mortgage to buy a new property immediately. You'll have to wait for 3-4 years in order to qualify for a mortgage.
To Guest (CA Trouble),
You won't be liable for any taxes if you sell off your property through a deed in lieu of foreclosure after a bankruptcy discharge.
_________________
Procrastination is the enemy of your financial success |
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lynnerin
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Post subject: Deed in Lieu with home equity loan from separate company |
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| Hello! I own a rental property in California that was originally purchased as my primary residence. It is now worth about $440K while I owe $526K on it. I have a tenant, but the market is so weak that I am not covering my expenses. I am short about $700 a month including HOA fees and property taxes. I am interested in doing a deed in lieu, but I have a primary loan of $446K with one bank and an $80K home equity loan from a different bank. How can I get out of the house without having to pay the Wells Fargo equity loan? Thank you very much for your advice!! |
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TH
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Post subject: Deed in Lieu |
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| Cana mortgage company reject a deed in lieu? Also, how would I proceed with the 2nd mortgage in relation to the deed in lieu? Thank you. |
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Richard Hamilton
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Post subject: Deed in Lieu of foreclosure |
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| I am retired military. The property I occupied while on active duty is a condo in San Diego county. It has been on the market for 3 years. BofA refused a short sale because my financials show I can easily afford the mortgage payment. I am not longer willing to carry this property. I now live in a home in Las Vegas with the mortgage also with BofA. I am 71 years old and no longer want to continuing paying this mortgage which does eat up a large junk of discretionary income. The property does have a home equity loan also thru BofA. Primary $265,000 scondary $60,000. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Hi lynnerin,
Presently, the property is an investment home. If it would have been your primary residence, then you won't have been liable for paying the second mortgage dues. However, as it is an investment property now, you'll be liable for paying the second mortgage balance to the lender. Moreover both lenders have to agree to a deed in lieu of foreclosure. Unless both of them agree, a deed in lieu of foreclosure won't take place.
To TH,
A mortgage company can reject your request for a deed in lieu of foreclosure. The second mortgage lender has to agree to the request of a deed in lieu of foreclosure. Unless the second lender agrees, the first lender won't do a deed in lieu of foreclosure.
Thanks |
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anonymous3
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Post subject: Dead in leu of forclosure |
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| This is the 1st month that my wife and I will be unable to make a mortgatge payment. I'm out of a job at the end of the month and she will be after the 1st. Cannot afford the house anylonger is a Dead in leu of Forclosure the right thing to do. Tried the Modification loan and applied over a yr ago with no news other than they want us to fax papers again for the 4th time. We are going to move and live with in-laws after we off load our house. |
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RyanB23
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Post subject: deed in lieu |
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| I am upside down in my home by about $40,000. I have lost my job, but found employment in another state. WHat can I do with my home? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Post subject: |
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Hi Anonymous,
As you want to get rid of the property, you can apply for a deed in lieu of foreclosure with your lender. If the lender is convinced by your financial hardship, then he'll accept your request. However, a deed in lieu of foreclosure will have a negative affect on your credit report and will lower your score by 250 points.
Thanks |
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Bryse
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Post subject: Deed In Lieu |
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if lender agrees to DIL are you able to stay in your house after the papers are signed over to the bank? If so how long - if not when would one have to vacate?
If foreclosure process starts to stop the process do you have to pay off the whole loan or just get current on all your payments w/penalties etc? |
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anonymous single mom
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Post subject: bank says I must go for a short sale first |
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Wells Fargo says I must go for a short sale first before they will consider a deed inlieu. They require the home be listed at least 3 months. My loan was with Wacovia when Wells Fargo bought them out Dec. 2009. I have been trying to get an affordable modified loan. They want up to 38% of my gross income to go towards the mortgage payment with an interest rate of 7.125% . It includes the realestate taxes and insurance. This would take 2 of my weekly checks to cover and is not affordable. The principle amount after they tacked on legal and late fees, is about what the house is worth. Their "drive by appraisal" is $40,000 less than that.
I filled Chapter 7 Dec 2009 for medical bills and charge cards after Wacovia told me I was approved for a modified laon at 5.125% fixed for 30 years. After 2 years and 6 times resubbmitting the same info to them, the short sale department wants it all again. I just want out. Can I get an attorney to do the deed in lieu for me? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Post subject: |
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Hi Bryse,
It will be the lender's discretion whether or not he will let you stay in the property once you surrender it to him. Normally, the lender sends the eviction notice after the property is sold off at an auction. If the lender goes for a foreclosure, he will want to get back the loan in full. If the sale results into a deficient balance, then you'll be liable for paying the balance amount from your pocket.
To Guest,
It is true that before you submit your application for a deed in lieu of foreclosure, the lender will want you to list the property in the market for 3 months. Once 3 months are over, the lender will consider your request. Rather than taking the help of an attorney, it will be better if you could apply for a deed in lieu of foreclosure on your own.
Thanks |
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Leslie678
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Post subject: Deed in Lieu |
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Samantha, I don't know where you get your information, but FICO says that they treat a deed-in-lieu, short sales and foreclosures the same. They all have the SAME impact on one's credit score.
Honestly, I see this misinformation all over the internet. It's in black and white right there on FICO's website. They are treated the same.
If you can't get a mortgage modification I suppose the deed-in-lieu is the easiest thing to do, aside from walking away from the house. But don't do it because you think it has a lesser impact on your credit score. |
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thomasbass1
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Post subject: Florida 2nd house |
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| I purchased a second house 4 years ago in Fl for investment purposes. I have had a tenant from day 1. Recently they stopped making payments and I cant afford to make the payment. I am 4-5 months behind and the mortgage company will not take a partial payment. (Bank of America). I want to get out of this house as it is underwater. I owe 145K and cant sell it as there are SO many houses for sale. I paid 180 K HELP!!! |
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SSullivan
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Post subject: Auction of Property |
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Hello Jessica,
I am wondering about a property that was up for auction on August 24, 2010, the Judgement against the house was $939,000. I am not sure what happened at the auction but the owner is back living in the property and I am almost positive the was a Deed in Lieu with the mortgage company. Am I missing something? Especially having gone to auction.l Help! |
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anonymous8
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Post subject: DIL |
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My husband and I agreed to do a deed in lieu of foreclosure in December 2009, everything was ok until today when we received a letter from a debt collector stating that we owe the uncollected balance from the sell of our house. Can they do that? I thought the whole point of a DIL was that the debt was forgiven and we agreed to take a hit on our credit and turn the property back over to the lender.
Any advice?
Thanks |
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