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Carlos
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Post subject: short sale vs. deed in lieu |
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| my lender counter-offered on a short sale but is asking me to pay a large amount on fees and other charges is a deed in lieu a better option for me because the amount the lender is asking for is excessive? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Post subject: |
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Hi Carlos,
As you think that the lender is asking for an excessive amount, it will be a better option to consider a deed in lieu of foreclosure. Moreover, if you go for a deed in lieu of foreclosure, you won't be liable for paying any deficient balance resulting from the sale of the property.
Thanks |
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lady
Guest
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Post subject: deed in lieu of forclosure |
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| buyer abandon the property i would like to do a deed in lieu of forclosure and for give him of his debt to me. what happens if i cannot locate the buyer |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
As far as I know, if you're the lender, you can still foreclose the property or go for a deed in lieu of foreclosure if you can't locate the buyer. Nevertheless, you can contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane |
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Oh Brother
Guest
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Post subject: 10 years later... |
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We got a letter from Green Tree on a mobile home we turned over in a a DIL 10 years ago wanting the difference. We heard nothing from them until now.
We were told we would owe nothing on it if we turned it back over to them and it showed as paid on our then credit report. Why are they allowed to do this? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Welcome Guest,
Your lender is not allowed to do this. In case of a deed in lieu of foreclosure, the lender forgives the deficient balance resulting from the sale of the property. Moreover, after 10 years, they can’t claim the deficient balance. You should check out the SOL period as per your state laws. If the SOL period is passed, then they won’t be able to take any legal actions against you as well.
_________________
Procrastination is the enemy of your financial success |
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mom23qts
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Post subject: Under water... |
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| Hello, My husband and I purchased our home 6 years ago, at the peak of the housing market... We live in a community that was supported mainly by a automotive giant, who has since left town. Our home is worth about half of what we owe at this point. My husband is in the construction business and I work part time, we also have 3 young children. We have been struggling for a long time with our payments and finally fell behind. We talked with an attorney who told us to quit paying and save up to live a better life...Not sure how I feel about this advice. Our mortgage co. offered us the option of deed in lieu of foreclosure but than turned around and denied us the option. What do we do now? We have found a rental for much less but are worried about the fall out from a possible foreclosure. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi mom23qts,
You should go for the rental property. In the meanwhile, you should re-apply for the deed in lieu of foreclosure in order to sell off and get rid of the property. Moreover, if the lender accepts your request, then you will be able to get rid of the property and won't be liable for paying any deficient balance to the lender after your property is sold off.
_________________
Procrastination is the enemy of your financial success |
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Bonnie
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Post subject: Sick House |
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We have been paying on a home for nearly eleven years. About a year after purchasing the home we began to notice mold on the walls. I quickly began investigating solutions and removal methods. We took steps to resolve the issue (though there was no leak we replaced the roof and put in a ridge vent, scrubbed all mold off, used mold resistant primer and paint...anything and everything that we could think of to do). The mold returned, and it has been a constant battle since that first year. There was a flood in 1993 that did get into the basement, and we were told that no claim had ever been filed on the home because there had been no damage done. I believe that this is the actual source of the problem, but doubt that we could do anything at this point to make a claim. We have looked over the flood insurance policy and our home owners insurance policy and it looks as though neither would pay anything.
When my husband's back was injured, which required back surgery and months of not being able to work, we began to struggle financially, but were able to keep our heads just above water with my income. Because he is in construction he is limited on the work that he has been able to do since the surgery, and we ended up getting behind. We applied for the Options Program, and are currently enrolled in it, but continue to struggle. We were sent a list of options including Short Sale, Debt in Lieu etc...my concern that is along the way I have also inherited a small piece of property that has been in my family for a hundred years. I cannot put that property at risk of being lost in the event of any of the Options that are available. We plan to build on the property, but the work toward that goal has been slow going. Would a DIL put that property at risk?
At this point (after dealing with chronic fatigue, sinus infections and headaches, allergy issues, and a host of other symptoms that I believe are related to the mold; we are ready to just walk away from this home and live in a tent if we have to just to escape this sick house.
We feel lost as to what to do...we have considered telling the lender and the insurance companies about the conditions that we have been living in and let them fight it out, but feel that we would still be held liable and possibly lose the other property as a result.
Please respond with any advice that you may have for this miserable situation.
Thank you,
Bonnie |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Post subject: |
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Hi Bonnie,
The deed in lieu of foreclosure won't put the inherited property in danger. In case of a deed in lieu of foreclosure, your deficient balance will be forgiven by the lender. So, the lender won't go after your inherited property to recover the debts.
Thanks |
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Bonnie
Guest
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Post subject: Sick House |
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Hi Jerry,
Thank you for your response. I have a couple more questions. Say they are unable to sell the house for a few years, and the mold issue presents itself bringing down the value of the house; would the lender then be able to make us pay anything?
What about other property? Land that was gifted, or ownership of any other property, vehicles etc.? I understand that these must be listed in the event of foreclosure and/or bankruptcy.
Thanks again,
Bonnie |
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ozgrad
Joined: 07 Mar 2012
Posts: 1
1.16 Dollars($)
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Post subject: deed in lieu |
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| I can't keep paying my investment prop, just talked to a lawyer about "Deed in lieu". He's suggested for me to keep paying the mortgage while he process the "Deed in lieu" with the bank. But why we have to keep paying and isn't that "Deed in lieu" about? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To Bonnie,
If the lender accepts the request for a deed in lieu of foreclosure, then he won't come after you in order to claim the deficient balance from you. You will have to list all your assets in case of bankruptcy.
To ozgrad,
Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-problems/deed-in-lieu.html . Please take a look at it. I hope it will help you.
Feel free to ask if you've further queries.
Sussane |
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kat
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Post subject: how will it affect credit |
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| how will deed-in-lieu affect our credit? how long before we can re-bulid our credit again? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Post subject: |
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Hi kat!
Welcome to forums!
A deed in lieu of foreclosure will lower your credit score by 250 points. It will remain in your credit report for the next 7 years. You can take steps to rebuild your credit after the deed in lieu of foreclosure sale gets over. You can check out some of the self help credit repair tips from the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane |
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