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Rodney
Guest
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Post subject: DIL |
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| When your lender agrees to the DIL, how long can you stay within the property? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi Rodney,
After the deed in lieu of foreclosure is over, you will receive an eviction notice from your lender. This eviction notice will mention the time period within which you will have to leave the property.
Thanks |
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Jo D
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Post subject: Warranty deed in lieu of foreclosure |
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| We filed bankruptcy and it was discharged through the courts. We are now receiving papers from the resort property wanting us to sign a deed in lieu of foreclosure. They said it wasn't to collect any debts. Upon receiving the papers, it said we would have to pay $450. If this was already discharged in our bankruptcy, why should we have to worry about this? |
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Rodney
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Post subject: DIL |
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| the reason why I asked, a couple across had their house bank owned, and they are still in it. I am thinking in order for them to do that, would be to give up there DEED. Is there another reason why they are still there, and the bank took the house? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi Jo D,
If your debt has been discharged in your bankruptcy filing and if you've not reaffirmed the mortgage, then the lender cannot ask you for any kind of payment.
Welcome Rodney,
Though the couple may have surrendered the property to the lender, the lender may not have foreclosed it yet. As a result, the couple is staying in that property.
_________________
Procrastination is the enemy of your financial success |
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big g
Guest
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Post subject: deed of lieu |
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| the lender want s me to sign a deed of lieu on my property however there is 10,000 balance owed that he wants paid back . If I sign a deed of lieu am I responsible for the money owed? |
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Jo D
Guest
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Post subject: |
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| Adonis, this was a resort type property. We're not staying in it but I guess it would work the same as a house. Is that correct? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To big g,
If you go for a deed in lieu of foreclosure, then the lender has to forgive the deficient balance resulting from the property sale. However, if you sign an agreement stating that you will pay off the debt, then the lender can come after you for the money after the deed in lieu of foreclosure is over.
To Jo D,
As far as I can understand, though you're not staying in the property, it will work the same as a house.
Feel free to ask if you've further queries.
Sussane |
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TONY R
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Post subject: INFO INTO DEED IN LIEU |
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| I WAS THINKING ABOUT DOING DEED OF LIEU IN NEXT MONTH BUT WILL THE MORTGAGE DEBT FORGIVENESS RELIEF STILL WORK FOR ME |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi TONY,
The Mortgage Debt Forgiveness Relief Act is still in vogue in almost all the states. So, if your primary property goes through a deed in lieu of foreclosure, you won't be liable for paying the taxes resulting from the forgiven debt.
_________________
Procrastination is the enemy of your financial success |
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juan
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Post subject: deed in lieu with an uncooperative sibling |
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| I have a bit different situation; my brother and I are in the tittle of the property. I (alone) have a 1st mortgage for $57k and a 2nd for$133K. this is a rental property and my wonderful brother is renting the place to tenants that he handpicked (friends) who are not paying rent for the last 5 months and my brother does not want to evict this people out of there. I do not have the monies to evict this people out of my rental property and I am not in the rental contract . I either want to do a deed in lieu or a foreclosure. can the lender force my brother to sign the property to the bank or banks ? thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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mskeeish
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Post subject: walking away after chap 7 discharge |
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| I am in Michigan. My chapter 7 was discharged in January 11, I did not reaffirm my home. I did not include the home in the chap 7. I still maintain payments before and after the chap 7. However, the area is becoming very unsafe and I am considering walking away, but I am scared that it may show as a foreclosure on my credit report. I discussed this with my lawyer and he stated that because I did not reaffirm the home, the lender can not legally come after me for payments. I contacted the bankruptcty department of the lender and they stated that they have stop reporting to the credit bureaus since I did not reaffirm, however, I pulled my credit report in July and I see they are still reporting. What are my options? I am thinking about stopping payments on the house and letting it go in foreclosure so that I can move to a safer area. Is it true that they can't go after me and should have stop reporting to the credit bureaus? Please help, I'm so confused. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Notsure
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Post subject: Deed in Lieu of forclosed |
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| if I do this how bad will my credit be hit? |
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