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cpinon23
Joined: 27 Dec 2007
Posts: 1
1.26 Dollars($)
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Post subject: Deed in Lieu of Foreclosure |
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| should i contact my lender on my own to request a Deed in Lieu of Foreclosure or should I have a professional contact them and negociate with them? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hello Cpinon,
I think it will be better if you contact the lender on your own and talk to him about the deed in lieu of foreclosure and check if he is willing to accept that or not.
If things are not working then you may have a professional to handle your case. Even if the lender is ready to accept a deed in lieu, you may take the help of a legal professional to avoid complications. |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Hi Cpinon,
Welcome to this forum.
Contacting lender on yourself is a better option for you. Contact the lender ASAP and let him know your problem regarding your mortgage payments.
Feel free to ask if you have any further questions.
Thanks,
Larry |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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I agree with Jenkin7.
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Allpointe Mortgage
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Sunshine
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Post subject: Deed in Lieu vs. Foreclosure vs. Short Sale |
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We are at the point that we don't care what the effects will be on our credit score. We just want out. With that said, what would be the best option to take with the least amount of out of pocket expense? We have a 80/20 mortgage and not a dime to spare. We have had our home on the market since April 2007 and several bites, but they've all fallen through. We moved out of state in September and have not been able to make our mortgage payments since October. We've lowered the price so much that if we were to get an offer now, we'd have to bring money to the table and we don't have any to spare. Any advice??
Again, we aren't concerned about our credit scores any longer. This experience has made us realize that mortgages are just not they are cracked up to be. We will rent for the rest of our lives if we have to. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: RE: refinance and pay off loan |
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Hi Sunshine,
It's a good time to refinance any existing loan which one cannot pay off. So, if you are willing to do so, that could be an option. Fixed rate mortgages are currently available at low rates, so you could well qualify and refinance both the loans combined.
Alternatively, you can file a bankruptcy chapter 13 which will allow you to repay the loan through a 3-5 year repayment plan. You may not be concerned about scores but they are so important nowadays that even an employer doesn't like to recruit people having poor scores. If you can qualify for chapter 13, it will help you to repay a part of your debt and thus your score will improve.
If you wish to discuss further, please feel free to do so.
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
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chad
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Post subject: deed in lieu/ taxes |
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| I am in the process of getting a deed-in- lieu, does the mortgage forgiveness debt relief act protect me from paying taxes on the difference between sale price and what is owed |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: RE: pay tax on deficiency amount |
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Hi Chad,
The Mortgage Forgiveness Debt Relief Act is likely to protect you from paying taxes on the difference between the sale price and what is owed. But you need to fulfill certain conditions.
Refer to the criteria for mortgage forgiveness debt relief .
Regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
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Rich
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Post subject: Chap 7 and Deed-in-lieu-forclosure question!!! |
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| I had to claim Chapter 7 in Oct 2005 . One of my debts that was discharged was my mortgage debt with my lender Countrywide. However, I remained in the property and continued to pay my mortgage up until this month. I have found that I simply cannot continue to pay my mortage payment anymore due to a relationship breakup and subsequent income loss associated with such. Basically i'm down to one income. Can I simply hand back the keys to the lender or do I have to go through the forclosure,or Deed-in-Lieu of forclosure process. My credit has been restored since I claimed the Bankruptcy and I do not want another hit to my credit. How will a Deed-in-lieu forclosure on this property affect my credit now after this property was already a discharged debt after the chapter 7 proceddings back in 2005??..Hope this makes sense!! |
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Alex12
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Rich,
Since your mortgage debt has alreday been discharged, the lender may not have expected you to carry on with the payments as the debt is simply canceled. Even then if you have tried paying a part of it, then hopefully it will improve your credit score. I think it will be ok if you just hand over the keys to the lender. The lender will not intiate a deed-in-lieu or foreclosure. |
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Rich
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Post subject: Chap 7 and Deed-in-lieu-forclosure question!!! |
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Thank you very much for getting back to me so quickly...One more question I forgot to ask.
After a brief dissussion with the Lender yesterday, They had offered me a 10 year interest only loan (ARM) with no penalties, no negative amortization or any other stirngs attached which would lower my payment from $2,400 to $1,900 until I could get back on my feet. Not a bad deal however, If i refinance with them, will I still have the Chapter 7 bankruptcy protection or would this be considered an "all new loan" which would negate the 2005 banckruptcy protection I was afforded. If I take them up on thier offer, I do not plan on living there 5 years from now..Would you consider this a viable alternative..Since this bankruptcy, i seem to be second guessing every financial decision I make and I am always trying to bounce things off people who know...Thanks again |
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Terri
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Post subject: What should I do? |
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| I own 2 houses, one that I am the only person on title. We moved out of that home in Aug 2007 and bought a house with my new husband. I have been unemployed for 1 year and can not make the $2700 mortgage payments anymore. I am current and I have renters in the first house to help with payments but my renters only pay $1300 monthly. I know this will hurt my credit and I am ok with that, but how should I start the process to wash my hands of this one house? Will they come after my current house I live in? Should I stay current and call the bank and ask for a deed in lieu of forclosure? Do I need to get rid of my renters and put the house up for sale first? I need help... |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE: paying off loan after bankruptcy chapter 7 |
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Hi Rich,
As much as I understand, if you have filed chapter7, all your debts are wiped out. Now when you have an unpaid balance on the mortgage, you may or may not pay for it depending upon whether you wish to improve your credit record. Now that you have decided to pay off the loan, the lender may have given you an alternative to the repayment plan you had followed earlier.
However, what I am concerned about is that why do you have to refinance when your debt is already discharged. I feel it should be optional for you as to whether you accept the interest-only ARM or simply don't pay off the loan. Did you sign a reaffirmation agreement with the lender?
_________________
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: RE: need to get rid of one house and loan on it |
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First of all, talk to your renters and find out if they are willing to buy the property from you as well as assume or take over the mortgage. If they are willing to do so, talk to the lender about it. If he finds them as suitable creditworthy borrowers, he may agree to such a transaction.
I don't know the duration of the lease period. How long is it for? because if you wish to do a simple sale of the property, then the renters have to move out and they may not be willing to because they must have signed a contract. By the way, how is the home sales market in your area?
If the proceeds are worth considering, then you can pay a certain amount to the renters so that they move out but again this is just what I think of. And, whether you go for a simple sale, deed-in-lieu or even a short sale, the first option is not going to affect your credit but the other two will certainly affect and in all these cases you'll have to do something for the renters. Are you thinking of evicting them? that will not be a good thing though and I personally don't support.
Just in case your renters agree to move out, and you go for a short sale or deed-in-lieu (the latter isn't that easy compared to the former as lenders try not to go for the latter just because they can't collect the deficiency), the lender can place a lien on the current house only if you don't pay the deficiency asked for and they don't cancel the unpaid debt.
However, you are not in default, so you need to explain to the lender that you will have problems paying off the loan on the first house. Only then will be agree to some option by which you can get rid of the loan.
Hope I could explain things clearly.
If you have more queries feel free to talk further.
Regards,
Jessica.
_________________
http://jessica.mortgagefit.com/ |
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RIch
Guest
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Post subject: paying off loan after bankruptcy chapter 7 |
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Caron,
Thank you for getting back to me. I wanted to refinance the loan so that I could drastically lower the monthly payments and keep the house without having to go through the aggravation of moving again. As I mentioned, and you pointed out, the debt was discharged and I did not Re-affirm the Debt with them (so I am no longer personally responsible for repaying it). I simply kept paying the mortgage because we had two incomes and the payment wasn't a problem. That was when I had two incomes. I am down to one now and can't afford the monthly pmnt. If the Lender, Countrywide, would agree to new terms with a much lower payment, I might consider refinancing. If not, I will just hand the keys over to them...One of my major concerns here is that since I claimed Banckruptcy, My credit has rebounded. If I simply hand the Keys back to them now, can they put that on my Credit??? Since I am no longer personally responsible for the repayment of this debt, I am under the assumption that they cannot put anthing more related to this loan on my credit..Is this a correct assumption? |
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