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jenkin7
Joined: 04 Jun 2007
Posts: 3317
Location: Hawaii
492.11 Dollars($)
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Hello Jun,
I think it is better to talk to your lender about this. If he is willing to accept a deed in lieu, you may do that. But I think you need to have some late payments before doing that and your lender might also ask you to go for a short sale.
Could you specify what kind of help you are looking for? |
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lynn
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Post subject: deed in l ieu |
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| is the deed in lieu allowed in all states such as ohio |
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lynn
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| we dont want to foreclose on the house maybe the deedin lieu would be better for us |
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IRMA
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Post subject: DEED OF LEIU |
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| HOW LONG CAN YOU STAY IN YOUR HOUSE IF YOU SIGN A DEED OF LEIU? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: RE: deed-in-lieu in ohio |
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Hi Lynn,
Deed-in-lieu is allowed in Ohio. It can be a good option for you if you are no longer able to carry on with the monthly payments and wish to avoid foreclosure. However, try for a sale of your home in order to pay off the loan. If it's not possible to sell the home all by yourself, only then you should try for a deed-in-lieu. But be prepared to bear the credit consequences.
Thanks |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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IRMA,
You need to talk to the lender about this.
_________________
Procrastination is the enemy of your financial sucess |
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Rosa
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Post subject: DEED IN LIEU |
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Is it too late for us we filed a Chapter 13 but it's still hard to make the payments since our adjustable loan keeps going up and we both have health problems.
Rosa
email is "salsasunflower@yahoo.com"
[Email address deactivated as per forum rules. Thanks.] |
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Rosetta
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Hi Rosa,
I think you should talk to your lender about your present situation. He may offer some alternative repayment options to you.
You may file a deed in lieu of foreclosure if your lender accepts that. He may also ask you to go for a short sale. |
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Guest555
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Post subject: Deed in Lieu of Foreclosure |
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If you did a deed in lieu of foreclosure in October of 2007, how soon will you be able to purchase a home or lease a home with the option to buy?
Can one pull their credit up after this procedure? |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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mbg
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Post subject: deed in lieu |
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| I'm in the process of a dil and theres a 25,000 2nd note by the same lender. The bank wants me to pay back 10,000 over 10yrs no interest. There now in the process of a dil of the original loan amt. If they approve does the 10,000 note sound resonable and legal to you vs foreclosure |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Post subject: |
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Hi mbg,
First of all if you go for the foreclosure, it will affect your credit report. Now you are going for deed-in-lieu for the original loan amount and if you have to pay 10,000 over 10 years with no interest for the second mortgage, then it is good.
Thanks,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 3317
Location: Hawaii
492.11 Dollars($)
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Post subject: |
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Hello Mbg,
Is that some kind of a settlement that your lender has offered for the second loan?
After you sign the deed in lieu, the lender cannot seek a deficiency judgement and the second mortgage lien has to be cleared at the time of selling the property to another buyer. Since both the mortgages are with the same lender, it should not have been a problem for him to accept the deed in lieu.
But if he is placing such a condition where either you pay 10,000 or go to foreclosure then I think the money sounds better, if not legal. Because foreclosure has damaging effects on your credit.
You should have written documents for this settlement and you may consult an attorney for further advice. |
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ginahow
Joined: 13 Nov 2007
Posts: 2
1.91 Dollars($)
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Post subject: deed in lieu |
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| I am recently widowed, my house payment has increased and my income has decreased, I am on social security. I am current with my payments so far, but cannot keep it up much longer. I have no equity in the house, only lived her 2 years- would the deed in lieu be the best route to take? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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