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ladiewalker · Joined: 05 Oct 2009 Posts: 1 1.41 Dollars($)

we aquired the home we currently live in from my mother when she passed away. the home is paid for. we were trying to sell ours but because of the extra expenses of a second home and unforseen circumstances we were unable to keep the payments and taxes up so we chose to do a deed in lieu of foreclosure. after over a year the loan company sent us a letter saying they denied both the deed in lieu and the foreclosure with no explanation. no one seems to be able to tell us why and has now turned us over to a collection company. we also have received a bill for back property taxes due asap. needless to say we still dont have the money to pay either and dont know what to do next. the market here, especially in our area of the city, is not very good. we need some help deciding what we can or what would be our next option.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Looks like the lender might have foreclosed on the house you stopped makign payments and hand it over to the collectio agency

You cna negotittae a payment with the collection agency and ask for lower ing your principal

jenkin7 · Posted: Tue Oct 06, 2009 12:50 am Post subject:

Hi ladiewalker,

It is strange that your original lender denied you the deed in lieu of foreclosure without citing any reason. They probably thought selling the property in this market will not help them much and they will end up losing more money in trying to sell the house than they would recover from the sale.

Since they have sold off your debt to the collection agency, you will now have to deal with them. You can negotiate with them and request them to accept a short payoff. However, if you cannot afford to pay off the debt, you can sign over the property to them and let them sell it off to recover the loan balance.

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what is our best recourse for a home we are behind on and dont need and past due property taxes due now.