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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi anonymous!
Welcome to forums!
A short sale is a good option to get rid of your property. It will lower your score by 80-100 points. In most cases, the borrower is asked to pay the deficient balance resulting from the sale of the property. However, if you can convince the lender and prove your hardship, the lender may forgive the deficient balance. If the lender asks you, then you may stop paying the mortgage dues.
Feel free to ask if you’ve further queries.
Sussane |
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r31895
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Post subject: deed in lieu of forclosure |
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| Hi I was co-signor on a mortgage that we had to do a deed in lieu . main signor was unable to work due to health issues about 1 year into the loan and I also had a leased vehicle which I could not afford to return early due to penalties and the need to get to work. How will this affect my ability to purchase a new house. Its been a year and a half . |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Hi r,
As you were the cosigner for the loan, the deed in lieu of foreclosure will have a negative affect on your credit report. You won't be able to purchase a property within the next 3-4 years.
Thanks |
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Gene F.
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Post subject: Hilton Head timeshare |
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| I own a weekly time share in Hilton Head. I do not have a mortgage. The complex has 950 units, but slowly many units are foreclosing (about 20%). The remainging unit holders, including myself, has to share in the expenses of those forclosed units, as well as additional expenses. I want to foreclose on my unit. Is a deed-in-lieu the way to do it. The week was purchase in 1983 for $7,000 and now the value has dropped to $1,000. The annual maintenance fee is $994.00. It would be absurd for me to continue own the unit.................. |
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blindsey
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Post subject: Credit score |
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| How does a deed in lieu of foreclosure affect a spouse's credit report IF she is not on the loan or house documents but house was bought during the marriage? |
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allison
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Post subject: credit score/deed in lieu |
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| im in the mid 700's no late payments, no collections, im in pretty good standing. in these horrible economic times would i really take such a hit on my credit score and would creditors not be willing to positively evaluate no late credit card payments, excellent debt to income ratios, etc.. im shocked to hear i could be so seriously penalized when everything else is near stellar. And solely because we are in near great depression conditions i gotta take such a hit |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Hi Gene,
If you are unable to afford the property any longer, you can apply for a deed in lieu of foreclosure. However, the lender will agree to your request if you're delinquent on your mortgage payments. Also, you should remember that a deed in lieu of foreclosure will reduce your credit score by 250 points.
Hi blindsey,
Though the house was bought during the marriage, if the spouse's name is not mentioned on the mortgage, the deed in lieu of foreclosure will not affect her credit.
Hi Allison,
If you go for a deed in lieu of foreclosure, it will have a negative affect on your credit report. Once the deed in lieu of foreclosure is over, you need to take steps and improve your credit score. To know some steps to improve your score, you can check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks |
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Smarti
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Post subject: short sale |
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| I am in the process of filing bankruptcy. I need to move because ive out grown my condo but I never considered the affects it may have. will I better doing a short sale or just including it in the chapter 7 bankruptcy. |
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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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If it is the condo for which you need to file bankruptcy, then I would suggest you to go for a short sale. This will help you in getting rid of the property and your credit score won't get affected much. Your score would get reduced by 80-100 points. However, you would be responsible for paying the deficient mortgage balance to the lender.
If you've other unsecured debts which you want to get rid of along with condo, then you may file bankruptcy.
_________________
Good is the Enemy of Great. |
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concerned
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Post subject: deed in lieu vs forclosure |
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| I have a home that I have not lived in for 10 years. It was under a ballon contract which fell through the people destroyed my home. I live 7 hours away and have been making payments on a unsellable home. I don't want to ruin my credit but can't continue this way forever. Is the deed in lieu of foreclosure going to be any better on my credit than a foreclosure. It seems to be the same.. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Hi Guest,
The credit affect on your report would be the same both in case of a foreclosure and deed in lieu. Both of them would reduce your credit scores by 250 points and would remain on your credit report for 7 years. However, unlike foreclosure, in case of a deed in lieu, you won't be liable for paying the deficient balance resulting from the sale of the property.
Thanks,
Jerry |
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JeffNtonya
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Post subject: 95% Residential 5% Commercial |
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| HELP! My wife and I own a house that we resided in. There was an outbuilding that we had a bait and tackle shop in. When the tourism industry busted I took a job out of state. We bought a house and moved the kids but tried to keep the house up north. Eventually our savings dwindled and we had to liquidate everything. We tried selling the house short but apparently the bank is running out of patience. They said that they are starting foreclosure and that they tried to file a deed in lieu of foreclosure for us but since it was 5% business it was rejected. What do we do now? My daughter starts college in the fall and I have to be able to help her fund her schooling! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10467
Location: Nevada
988.72 Dollars($)
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Hi JeffNtonya,
You're in a tough situation. As the deed in lieu was rejected, you should contact your lender and check out if he can help you short sale your property. If the lender rejects that offer, then your property may be foreclosed by him.
Thanks |
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anonymous1
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Post subject: Help |
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| We are 4 months behind on our mortgage. We have tried to sell the house but no houses are selling in our area. Our credit is shot because my husband lost his job 1 1/2 year ago and we got behind on several bills. Is a deed in lieu the best way for us to go? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi anonymous,
As you're delinquent on your mortgage payments, it is a good option to apply for a deed in lieu of foreclosure. It'll not only help you in getting rid of the property but you won't be liable for paying off the balance dues even. However, your credit score would go down by 250 points.
_________________
Procrastination is the enemy of your financial success |
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