Compare Mortgage Quotes

Dbrierff5107 · Joined: 15 Oct 2008 Posts: 3 1.89 Dollars($)

ok we are foreclosing because we just cant make enough to keep it up..we took out half of our 401 k to pay mortgage but then decided not to use it on that cause it would only help for about two years and tehn be back in the same situation so we toolk the money and paid off some loans..so now to do the deed of lieu they are asking if we want to do wont they see that we had that money in the bank and used it somewhere else and we wont qualify for deed of lieu now when they see that deposit?..

smithsussane · Posted: Wed Oct 15, 2008 8:19 pm Post subject:

Hi Dbrierff!

Welcome to forums!

If you do not qualify for a deed-in-lieu foreclosure, I think you will definitely qualify for a short sale. You will have to first check with the lender if he agrees for a deed-in-lieu foreclosure. If he agrees, then your issue will be resolved. If he doesn't ask him about short sale. In the process of short sale, you will have to pay the deficient amount, in any, that results from the sale proceeds to the lender. If you do not pay that the lender may place lien on your property.

Feel free to ask if you have further queries.

Sussane

cliff3 · Posted: Fri Oct 17, 2008 12:15 pm Post subject:

Hi Dbrieff,

Please note the following information about a Deed In Lieu:

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.

Yes, a short sale is another option that you may qualify for. You still need to be talking to someone in the Loss Mitigation department at your lender. This department will be able to tell you what workout options that you may qualify for to stop the Foreclosure. Your workout options do include the Deed In Lieu, if you qualify.

Just be sure to be talking to your lender, and make sure you are talking to the person in the Loss Mitigation department who has been assigned to your file. Some of the other workout options that you need to see if you qualify for to stop the Foreclosure include a repayment plan, forbearance, and loan modification. Speak to your lender about any and all options that you may qualify for.

Good Luck. Very Happy

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

what if you cant do a deed of lieu