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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Welcome Ken,
Doing a short sale is a good option if you know longer want to keep the house. However, you may want to ask your realtor how many short sales she has done. VERY FEW REALTORS KNOW HOW TO "REALLY" APPROACH A SHORT SALE. If your realtor has not done at least 20 short sales I would find one who has.
If you want to keep the house then contacting your lenders "loss mitigation" department would be the smart thing to do. Just make sure that you talk to the "loss mitigation" department.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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jmianecki@farmersagent.co
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Post subject: Foreclosure vs Deed in Liet |
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| As an invester I entered into a trust deed sale & leaseback agreement whereby I purchased 2 condos putting $50k down on each. I used 1031 exchange money. The company I entered into the agreement with is suspending making payments which leaves me with 2 payments of $1000 each which I cannot make to the lender. The properties originally purchased for $188 k each are now worth about $125-$140 K . Any thoughts as to what I should do ?? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi jmianecki
You have mentioned that the company suspending payments have entered into an agreement with you. First and foremost if they are breaking the agreement, you can sue them.
As you are unable to make the payments, you should immediately contact the lender and check if he can offer you any help. In case you keep on defaulting on the payments, the lender will have the right to foreclose the property.
Thanks.
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Good is the Enemy of Great. |
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Dave
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Post subject: deed in lieu |
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What if you were never late on the property, but the bank agreed to the deed in lieu. Does it still affect your credit score?
Thanks Dave |
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Lloyd
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Post subject: Short sale---Negative impact on credit report |
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| How long will it remain on the credit report----- |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi!
Welcome to forums!
To Dave,
Yes, though you were never late on the payments but still the bank has accepted a deed in lieu, you credit score will still be affected.
To Lloyd,
As far as I know, a deed in lieu foreclosure will remain on your credit report for 4 years.
Feel free to ask if you have further queries.
Sussane |
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Theresa
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Post subject: deed in lieu |
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we are using a company to assist us with this process and so far they have proven trustworthy and helpful. i will update as we go through this, it should be about 6 months..
just google, walkawayplan |
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rose
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Post subject: long of foreclosure stay in your record |
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| After a foreclosure how long can you wait to buy another house? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi rose,
A foreclosure remains on your credit report for at least 5 years from completion date. Within these 5 years, lenders will not be ready to give you loan. Additionally between 5 and 7 years, you can only purchase a personal residence but will have to pay at least 10% down. After 7 years you will get normal rates and terms.
_________________
Procrastination is the enemy of your financial sucess |
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ac
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Post subject: troubled |
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| My husband and i are in the construction business and as we know thats not doing so great. We decided to put the house on the market. My realtor thinks we should list it for $224,000 but there is a house 2 doors down that sold for $203,000 4 months ago and also another house with the same floorplan that is listed for $209,000, We have no equity into the house since we got intrest only loan @ 8.7%. we purchased this house 2 yrs. ago for @213,000 we owe the same amount now! we can't refinance since my husband and i are selfemployed and show little income. my question is should i put it on the marketfor that amount ($224,000) or maybe try to do a short sale or ask for a deed of lieu or just walk away. If we do foreclose what are some of the consequences besides credit problems. can the lender come after us and garnish or wages? does the irs get involved? how we that affect our small business? |
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anonymous123
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Post subject: Deed in lieu only dropped my score by 40 points? |
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| my deed in lieu was reported to experian 3 months ago and it is showing up on my credit report. the mortage went about 60 dys past due before the deed in lieu was recorded. This mortgage has two loans, one showed up as 'charge off' and the other showed up as 'deed in lieu'. yet, my experian score only dropped 40 points when all the info i got on these net forums tells me it will be 100-250points. should i expect my score to drop lower in the coming weeks and months? when can i be certain that the deed in lieu has fully impacted my score? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi,
To ac,
You can list the property at $224,000 and try selling it. If you do not get buyers, then you can lower the rates and re-list the property. If the property sells off at a lower rate, then you will be liable to pay off the deficient amount to the lender.
In case of a deed in lieu, the lender will sell off the property and the deficient amount resulting from the sale of the property will be forgiven. However, a deed in lieu will lower your credit by 250 points and you will also have to pay taxes on the deficient amount. As far as foreclosure is concerned, it will ruin your credit and if you are unable to pay the deficient amount resulting from the sale of the property, then the lender may garnish your wages.
Hi anonymous,
It is surprising to me that your score has dropped by only 40 points. But as one of your loans has been charged off, I think your credit will drop further in the coming days.
Thanks |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| You can try to refi just in your name. |
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JZ
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Post subject: Deed in Lieu |
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| We have a mortgage on the home we live in but have not been able to sell the home we moved out of for the past two years. Our savings is gone and we need to get rid of the house asap. Will our credit rating get better faster because we already have another mortgage or should we try harder to short sale before deed in lieu? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi JZ,
You should contact the lender and try for a short sale or a deed in lieu. But remember that both short sale and deed in lieu will affect your credit score and lower it. As far as another mortgage is concerned, I don't think it will help much in improving your credit score.
Thanks |
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