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hi. ive been reading quite a few situations on here about the DIL. but for mine ive been divorced and struggling and looking at bankruptcy now and i want to give up my house for the main reason cant afford the high payments anymore and want to move out within 2 mos into a rental. i was put into a modification agreement 5 mos ago but that isnt helping me either. now im behind in that about a month and a half and i just want to let this mort go and was going to just let it foreclose. and i dont like the option one/AHMSI my mort co. cuz i dont think they re-fi'd my house fairly 2 1/2 yrs ago but i stuck with it all this time cuz i had to. im a single mom now w 2 kids. but im trying to make a fresh start and dont want the burden of this house or mort co. anymore like noww....so a family member mentioned about the DIL and said that would be a better option for me, a lesser of the two evils, versus foreclosure. plus i did try to sell my property since may 2008 but ive lost buyers in the process due to a $7000 lien that was placed on the property from my ex-hus when the title co. at the time of my refi did not take him off the deed when they were supposed to as requested. and the lien stopped the agreement of sales that came thru. i just recently got the lien released two weeks ago but now the house isnt selling due to timing of the weather, economy and just bad timing all together. so needless to say i've "run out of gas" and like i said need to move on cuz i cant afford the mort payments, dont trust this mort. co. and need a fresh start. so would a DIL be sufficient for me instead of foreclosure and do i need a professional to handle it or can i handle it on my own? what r some important points do i need to know to handle this situation cuz trust me ive been "screwed enough" financially and just can't afford to anymore if i can have control over it. thanks....

jerry · Posted: Fri Nov 28, 2008 2:43 am Post subject:

Hi maryanne,

As there is no lien on the property, you can check with the lender if he can offer you a deed in lieu foreclosure. It will be totally the lender's discretion whether he will accept a deed in lieu or not. In the process of deed in lieu, you will have to give away the property to the lender who will try to sell the property in the market. By selling it, the lender will try to recover the debts. There are chances that the house will be sold at a low price due to the market situation. So there will be a deficient amount which the lender will forgive. But you will have to pay taxes on the deficient amount as the tax department will consider this as your income. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html

Thanks,

Jerry

Guest

I am not sure anyone truly knows the real deal, I hear different info from one person to the next (talking experts here not normal joe), My house has been on the market for almost 2 years. Obama makes some nice stuff for some of us to save our homes, yea... but before I can finish the paperwork, I lose my job, been 8 weeks now with no income, so here we go, I work my entire life to obtain what little I have, turned 61 (I am my only source of income) no job, now losing my home, once that happens I cant even rent an apartment with bad credit (I will go from excellent credit to bad credit almost overnight) the apartments (not talking really nice here) just a safe area average 1,000 a month). How Nice you work your entire life to end up on the streets. What a country.. Crying or Very sad

adonis · Posted: Tue Mar 17, 2009 10:59 pm Post subject:

Hi Kathy,

I can understand that you are going through a tough situation.

I guess you are facing foreclosure. As you don't want to ruin your good credit, I would suggest you to speak to the lender about forbearance. In this process, the lender will either reduce or suspend your payments depending upon your situation for few months. Once you recover from your financial crisis, the lender will give you a new repayment plan. To know more about forbearance, check out the following link:
http://www.mortgagefit.com/forbearance.html

Guest

Actually, we are in workout with our lender for a deed in lieu of foreclosure and one of the qualifications is that the home has been listed for at least 90 days. we had to send the listing aggreement for proof as well as our income/expense report. If you have a second mortgage on the property, make sure lender is looking at both simultaneously.

Guest

My husband and I own a condo that we want out of. We have lived there for 3 1/2 years, always paid on time. We have asked for a qualify for a modification for our lender denied and we have been turned down by other financial institutions for refinance because we are so upside down. My husband needs to retire for medical reasons and we can't afford to keep the house if he retires. We tried to sell but homeowners are involved in litigation with the builder for defective building so obviously no takers. This has devalued the home even more. We want to simply walk away and let foreclosure happen as it will. Can we just move out or do we have to notify the lender of our intent. they have refused to work with us on anything and we are tired of trying.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

you can initiate process of Deed in lieu with your lender.

Prepare a hardship letter & contact your lender

Guest

I own two property, my pimary property has a large payment which i can know longer afford. My rental has a mortgage also of which i have lost the income for the last 4 months. My health is not good. My primary house is large and has a basement. My health is issue is that I cant walk but about 40 to 50 feet without resting. The lost income on my rental property has sent my financial situation in a world wind and can no longer afford the 1300.00 payment Can I do a deed in lieu or a forecloser and move to my rental property, which is more affordable, without them coming after it also

smithsussane · Posted: Thu Jan 07, 2010 11:27 pm Post subject:

Hi bobby!

Welcome to forums!

You can definitely apply for a deed in lieu of foreclosure in order to sell off the primary property. Once the property is sold off, you won't be responsible for the balance amount as it would be forgiven by the lender. Then you can move to your rental property. However, you should note that it would affect your credit score and reduce it by 250 points.

Feel free to ask if you've further queries.

Sussane

Guest

Our home is not worth what we owe. My spouse wants to do shortsale he contact a realtor he came over got or info we have called him and never heard back my husband took his advice and now we are 2 months behind on our mortagage payment I bank is call he is not calling them I do not know what to do I work he does all the time because of weather I want formulate a plan that will not effect my credit so when we have paid off our other debts we would be able in 3 yrs to 4 yrs be able to buy or build our home. If spouse was work steadly we would be able to pay loan. The house needs improvements with new siding etc and there is no way we can get what we owe to the bank if we try to sell I do not want a shortsale is deed on
lieu a better options we have leaved in home for 10 yrs put lots of money into home and husband has lots of unfinish projects and I am tired of using my income and credit cards to buy materials and projects are not completed he is always to tired he works in the construction field believe it or not 2 yrs ago I owe no one and when we refinance with hsbc at my spouse recommendation we got screwed we had a low interest to a high interest and -6000 dollars for fees they said our loan with old lender would ballooned in a few weeks stupid me did not call lender just blindly follow spouse and hsbc lender refinanced with them and did no even get money to fix house just high interest when she promised it would have been less the 6% I feel so stupid what ever advice you can give me please do thank you

jameshogg · Posted: Fri Mar 12, 2010 1:17 am Post subject:

Hi Cece,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/shortsale-defaultpayments.html#154 795

Take a look at it. Hope it helps you.

Thanks

Guest

I lost my job but got another one. However, the new job is 4000 miles away. I took the new job and moved last year. My husband has not moved yet - he has been trying to sell our condo. We couldn't cover the mortgage and my rent, so we rented out the condo and my husband is living with friends. We have had the condo on the market for several months with no offers. We are current on our payments, but almost out of savings and have other debt (all of which is current). We would really like to live together some time soon - what are the odds we could get a short sale or deed-in-lieu approved, even if we are not in default?

adonis · Posted: Wed Mar 17, 2010 12:18 am Post subject:

Welcome KathyKY,

In my opinion, it would be a good option to apply for a deed in lieu of foreclosure. Though you haven't defaulted on your mortgage payments, you may apply for it because you have been relocated for your job. However, you should note that it would be completely your lender's discretion whether or not he would accept the request.

Guest

We bought a fixer upper with some property about 6 years ago. It is not our primary residence. We owe $85,000 and the last Realtor we talked to said it was only worth $40,000....our mortgage company said they would do a DIL and it would not negatively affect our credit at all. Is this true?

smithsussane · Posted: Tue Aug 17, 2010 12:12 am Post subject:

Hi Lizz!

Welcome to forums!

A deed in lieu of foreclosure will negatively affect your credit report and reduce your credit score by 250 points.

Sussane

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What are the credit effects if I go for deed in lieu?