| Author |
Message |
|
|
 kmewonder
Joined: 04 Nov 2008
Posts: 3
3.06 Dollars($)
|
 Posted: Wed Dec 17, 2008 2:28 pm Post subject: Deed in Lieu?? |
|
|
Hello!
Here is my situation in a nutshell. I own a home in MI (did a first and second on it) and a home in TN (did a first and second on it) and have a car that is paid off. The home in Michigan is empty and is a drain on me financially and I can't even get anyone to look at it, let alone buy it.
Currently, I am not late on any of my bills. My company just cut my salary by 10%. I will soon need to chose which bill(s) I pay late. Since, honestly, the only debt that is anchoring me down right now is the empty home in Michigan...I am thinking that is the bill I will pay late or not pay. All my other debts will be paid on-time.
I called my mortgage lender for the MI house and they wont even talk to me or discuss options until I am past due on my payments. So, now, I am thinking my only option is to not make my payments for the home in MI to force a discussion of options. I do not want the property in Michigan and need to get rid of it since my house payment has increased exponentially since I lost the Homestead Tax Exemption and my income is decreasing. I tried to do it the right way, but it's no longer possible. I would like to just give it back (deed in lieu), but I don't know if that will be an option since I am paying my other debts. Any suggestions??
I don't want to lose my condo in TN or my car that is paid off. Can any help me with what might happen to me?
Thanks! |
|
|
evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 538
Location: Minneapolis
28.93 Dollars($)
|
| Posted: Wed Dec 17, 2008 7:24 pm Post subject: |
|
|
It is sad that alot of lenders wont negotiate untill there is a past due payment or 2 but its the way things are right now
If you stop paying you will not lose your condo but your credit will be ruined and there will be a foreclosure on the MI house
_________________
Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending in 48 states |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
|
| Posted: Wed Dec 17, 2008 8:58 pm Post subject: |
|
|
Hi kmewonder,
Yes, lender will not consider the option of deed in lieu because you have still not defaulted on the payments. Moreover it will be the lender's discretion whether he will accept a deed in lieu or not. If the lender does not agree for a deed in lieu foreclosure, you can speak to the lender about other options. Short sale is one of them.
However, as Eugene Volovik has mentioned, whether it is a deed in lieu or a short sale, your credit will be affected.
Thanks |
|
|
