 cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Posted: Mon Oct 27, 2008 7:53 am Post subject:
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Hello ezguyhere,
Sorry to here about the many changes that have occurred for you since you first purchased your property with your lender.
Please contact your lender right away!
Be sure to ask to talk to someone in the Loss Mitigation Department! Get the person's name and direct phone number in the Loss Mitigation Department.
That will be the person that you need to be talking to. They will be able to tell you what workout options that you will qualify for to keep your house from being foreclosed on.
Some workout options include a repayment plan, loan modification, short sale, and forbearance. Be sure to have you monthly total income and monthly total expense ready to review with them over the phone.
A Deed in Lieu is always only used as a last resort. There are certain eligibility requirements that you must meet, before your lender will even entertain the option to accept a Deed in Lieu from you:
• Are you imminently facing foreclosure? Are you at least 31 days delinquent?
• Have you exhausted all means to avoid foreclosure?
• You, the borrower, must voluntarily submit a written offer of the Deed in Lieu and it must specifically state that the offer to enter these negotiations is being made voluntarily. You must list all the conditions for which the DIL will be accepted. Including the agreed upon transfer date of the property. On that date, the property must be vacant and clear of all your personal property.
• Usually the lender requires that you have listed your home with a Realtor for at least 30 days. They need to see that you have attempted to sell the property, but that you have been unable to sell the property. They prefer for there to be no other liens against the property at all.
• The property should still be occupied, unless you provide documentation that can verify your need to vacate the property, i.e. loss of income, increased living expenses.
• The property is not a rental investment, nor used as a rental for more than 12 months.
Keep in mind, that neither you nor the lender is obligated to proceed with the DIL unless a final agreement is reached. The lender is not required to accept the Deed in Lieu. And as each day continues to pass, you may become further in default with your mortgage. If the Deed in Lieu has been approved, the lender must complete the process within 90 days that it was initiated.
Your biggest advantage in pursuing any solution to your financial difficulties with your mortgage, is to act as soon as possible!
Please let us know if you still have questions and need more help. You may visit home-buddies.com and review a free mortgage resolution guide.
Good luck. 
_________________
Cliff Pape
Market Analyst
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