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Rociel Miller
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0.10 Dollars($)
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Post subject: In Bankruptcy |
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| We have been in bankruptcy for 24 months because of our home. Trustee payments are HUGE! Will a lender take a Deed-In-Lieu of if we allow the bankruptcy to be dismissed.? We owe more than the value right now(upside down) |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Welcome Rociel.
Whether the lender will accept the deed in lieu or not that totally depends upon the lender. But first try to contact with the lender ASAP and you should try to go for short sale. Short sale will have less negative affect on your credit report than deed in lieu or foreclosure.
Let me know if you have any further queries.
_________________
Good is the Enemy of Great. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Post subject: RE: deed in lieu after bankruptcy is dismissed? |
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Hi Rociel,
So, you filed chapter 13 and now you think the payments are huge. Did you talk to your trustee about it? usually the trustee prepares a payment plan keeping in mind the debtor's affordability. But it's not so perhaps in your case.
A deed in lieu is possible if the bankruptcy is dismissed but what I'd like to know is, did the lender ever declare a foreclosure? In case the lender has done so, the bankruptcy has put an automatic stay on the foreclosure. Hence, after the chapter 13 dismissal, the lender will hopefully release the stay and resume foreclosure proceedings again.
Take Care |
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chuck
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Post subject: deeding back to lender |
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| I have ten vacant properties which I cannot make the payments on but am current on payments. If I do a BPO and agree to pay the difference if there is one can I just quit claim or grant deed these non owner occupied properties back? What if I just deed back without approval what can happen? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Post subject: |
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Welcome chuck.
You cannot deed the property back without the approval. As the property is mortgaged you cannot also use a grant deed. By the way, if you cannot make payments then talk to the mortgage company and find out if there are any options available for you to avoid foreclosure.
_________________
Good is the Enemy of Great. |
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jjack49
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Post subject: Loan modification |
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| How and why would a lender offer a loan modication. What can a borrowere expect to see in a loan modification |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: |
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Well, a loan modification is offered by lenders as a part of foreclosure prevention program. It involves changing the terms and conditions of the loan so that the borrower can afford to pay it off.
However, at times in case of loan modification, the mortgage payment may be increased instead of reducing it as because any payment which is due may be added to the loan balance. Know more on loan modification from an article on this topic.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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ar white
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Post subject: deed in leiu |
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| Will it be best to get a lawyer to represent us and let them speak on our behalf. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Hi ar white!
Have you applied for a deed in lieu with your lender? You will have to first apply for it. If they reject you then you can go in for negotiations and consult the lawyers.
Thanks. |
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fusterated
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Post subject: |
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| I'm unemployed right now. been in my home 12 years. not upside down have some equity. my adjustable rate is too much. my credit is shot cant refi. behind now 3 months. is there any help for those unemployed? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi fusterated!
Welcome to forums!
As you have already defaulted on your payments for 3 months, there are chances that the lender will foreclose the property. You should immediately speak to the lender and check out the options of loan modification, short sale or a deed in lieu foreclosure. To know more about ways to avoid foreclosure, check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Feel free to ask if you have further queries.
Sussane |
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janiececb@hotmail.com
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Post subject: quit claim forclosure |
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| attourney had me sign a quit claim deed to his firm, to as mhe put it , to insure he got his fees. I lopst my mjob, was charged exorbanant fees and now am being threated by forclosure from his firm. i dont have the funds to go to court over the billing in the divorce and he is now asking fro 20000. 5000 more than the orig bill he sent , incidently i paid him overe 7000 to date. how can i stop this action? my home mortgage payments are current , even though the amount owed on this 50 year old home is at least 50,000 more than the properety would be able to bring in sale. please help. single mother of 3. awaiting back msurgury next month. |
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caramel
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Post subject: |
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| If you owe him the money, then the lawyer has all the rights to ask you to pay. However, if you are not in a position to pay the money, you can negotiate with him. You should tell him about your hardship and I'm sure he'll understand it. |
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ckmjlee
Joined: 20 Jan 2009
Posts: 2
2.26 Dollars($)
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Post subject: Reinstate my loan while in Foreclosure? |
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| I live in Michigan and my house went into Foreclosure November 12, 2008. It will not be sold until November 12, 2009 since we have over 3 acres. I was told by the mortgage company that we could reinstate the loan by paying all past due amounts and foreclosure fees. I called to get the actual amount to pay and was told by the Law firm that we had to pay the full balance of the loan unless the mortgage company contacted them instructing to give us the all past due amounts. I then called the mortgage company and they said there was no way to reinstate the mortgage, we would have to pay the entire loan off. Is there anything we can do or someone that can help us get this resolved? Is it absolutely out of the question to reinstate the loan? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome ckmjlee,
Did the mortgage company give you any reason as why you will not be able to reinstate the loan? If the lender is not ready to reinstate the loan, then you will have to pay off the entire amount to save the property.
_________________
Procrastination is the enemy of your financial sucess |
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