Welcome to the forums. If you cannot make the mortgage payments then consult the lender ASAP and if you don't want the property and also cannot sell it then ask the lender to accept the deed in lieu of foreclosure. BTW it will be going to hurt you credit Feel free to ask if you have any further questions.
Best of luck,
Larry
tina Guest
Posted: Sun Sep 21, 2008 5:37 pm Post subject: applying for a loan after deed in lieu
My husband and I want to know how long we have to wait to move from the time the deed in lieu process takes effect. Also how long until we can apply for another home loan?
Susanne Guest
Posted: Tue Sep 23, 2008 3:21 am Post subject:
Hi Tina!
If you have signed the deed in lieu and the lender has given you the "paid note", I think you can move in immediately. Generally the lenders forgive the deficiency that can take place from deed in lieu. You will have to wait for at least 36 months to apply for another home loan.
JAKE Guest
Posted: Mon Oct 06, 2008 11:16 am Post subject: DEED IN LIEU
MY MOTHER IN LAW LOST HER HUSBAND TWO AND A HLF YEARS AGO AND THAY HAD A LARGE MORTGAGE ON THEIR HOME...HE WAS STILL WORKING AND AFTEWR HE DIED AHE WAS LEFT WITH NO INCOME EXCEPT SOCIAL SECURITY. WE HAVE TRIED FOR A REVERSE MORTGAGE BUT THE HOUSE DOESN'T QUALIFY WITH THE LAGE MORTGAGE. SHE HAS EXHAUSTED ALL OF HER RESERVE AND WILL NOW HAVE TO VACATE THE HOME. DOES SHE QUALIFY FOR A DEED IN LIEW OF FORECLOSURE?
Rick418 Guest
Posted: Tue Oct 07, 2008 7:22 am Post subject: repairs done on home with Deed-in -Lieu
If an agreement is done on a deed in lieu, and no inspection was done, am I able to take out the repairs I have done to the property such as kitchen cabinets, appliances, AC, and lighting?. No agreement verbal or written was established. This was a rehab house in poor condition. New carpet and tile, and wall repairs are intack.
Kitchen cabinets, appliances, AC, lighting etc are all your personal property which you can take away. These things have nothing to do with the appraisal value of the house.
Thanks,
Jerry
Cherxo Guest
Posted: Tue Oct 28, 2008 3:28 am Post subject: Deed in Lieu of Forecloseure
My house has been on the market for over one year. In that time the value has dropped $50,000. My job has cut me back to two day a week and my husband is out of work. The last year has been a struggle to pay the mortgage. I want to give the house back to the bank and be done with it. I will be losing alot of money (approx $100,00) This is amount we put into it. This house has been the original money pit - it's in good shape now, but after much work. I don't believe in the "American Dream" of home ownership. I have had enough of the struggle. It is not worth it. I want out and I really don't care what it does to my credit. I called the bank and they said they would call back - two weeks later - still no call.
Thanks for letting me vent.
Unfortunately many homeowners have faced/are facing your issue as well. I am sorry to hear of your frustrations as a homeowner.
I would like to give you some information about 'give the house back to the bank and be done with it'.
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.
Please let us know if you still have questions and need more help.
Posted: Fri Nov 07, 2008 5:40 pm Post subject: Giving home back to mortgage company
Is there a form that I need as the borrower to give the house back to the lender. The bank refused to do a deed in lieu of foreclosure and I'm stuck. I paid on this property almost a year with it being vacant and cannot afford the notes any longer; in addition, the house has had fire damage and is not liveable. Please advisse
It seems that you are in a tough situation. You will not be able to deed away the house to the lender because it is not a habitable property. You will either have to abandon the property or have to improve the property then sell it or rent it out. In case, if the debt amount is low, the lender may then charge off the loan to a collection agency. In that case, you will have to pay the money to the collection agency. They will not be bothered about your property.
Thanks,
Jerry
Greta Guest
Posted: Fri Dec 26, 2008 6:33 pm Post subject: deed in lieu
I left my home 3 months ago,because of threat on my life.I'm not able to return because I fear for my life.I have contacted my mortgage company,sent a written request for a deed in lieu,with details of above.How long does this process take?A appraisal on my home was done 12/22/08.My mortgage company has given me some information,but I am still not clear about the whole process.Pls help me.
If the lender accepts the process of deed in lieu, he will inform you and then you will have to give away the property to the lender. The lender will then sell off the property in the market in order to recover the debts. If there is a deficient amount resulting from the sale of the property, then the deficient amount will be forgiven by the lender. But you will have to pay taxes on that amount as it will be considered as your income. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
Feel free to ask if you have further queries.
Sussane
TomB Guest
Posted: Fri Jan 09, 2009 3:37 pm Post subject: Military, Foreclosure, and Deed in lieu
I am military, and had to change duty stations in August of 2008. I tried to do a short sale of the house, starting the process in March of 2008. My mortgage company kept dragging their feet about it, claiming that documentation was not sent (though the only mode of getting documentation to them was a single fax number). This continued past my August change of station. I finally was able to get the person at the call center to dig up that information in the middle of August. I recently received a letter stating that a shortsale was not in the "best financial interest" of the company. I have been notified of impending foreclosure, with the necessary dates. Now I am trying to pursue deed in lieu. My question is, with all that is changing due to the mortgage crisis, what options seem most likely? BTW, my mortgage servicing company is AHM (currently bankrupt).
karleen Guest
Posted: Sat Jan 10, 2009 4:05 am Post subject: ?deed in lieu of foreclosure
Due to illness and a reduction in salary, I can no longer make my mortgage payments. I have two loans on this property. Would a deed in lieu of foreclosure work for me? I cannot sell the property because of oweing more than what it is worth. I am completely stressed out over this
situation/ and this does not help my dealing with my illness of breast cancer. I have always paid my bills and do not like to be considered a
deadbeat, but am at a lost of what to do. I am 63 years old.
My loans are current as of now, my money situation has caught up with
me. What if any alternative is available to me?
A short sale would have been a great option for you and moreover it would have not damaged your credit much. As you are planning to negotiate the lender for a deed in lieu, you can try negotiating with the lender for a short sale once again as well.
To Karleen,
I can understand that you are passing through a tough time. But be patient. As you are facing hardship in paying the mortgage dues, you should inform your lender about that and apply for a deed in lieu. However, you should note that a lender will accept a deed in lieu only if you are delinquent on your payments.
larry
Previous 1 2 3 4 5 6 Next 
