Posted: Thu Jan 15, 2009 3:10 am Post subject: I do not have the title of the morgage.
I sign a house for someone and the person that I signed the title for moved with it .now I would like to do a deed in lieu of forclosure. what can I do
A deed in lieu foreclosure comes into question when you have defaulted on your loan payments. You have mentioned that you had signed the property. Didn't the person refinance the loan? If you want to go for a deed in lieu, you will have to write a hardship letter to the lender. If the lender accepts he will tell you what steps you need to take next. _________________ Procrastination is the enemy of your financial sucess
cathy Guest
Posted: Wed Jan 28, 2009 2:20 pm Post subject: deed in lieu
I refinanced my home and within weeks of closing, I lost my job and I have no way of making the payment on the house. I don't want a foreclosure.
You can write a hardship letter to your lender and request for a deed in lieu or a short sale. If the lender is convinced, then the lender will tell you what next steps you will have to take.
Thanks
jtdilly Guest
Posted: Wed Feb 04, 2009 12:05 pm Post subject: Deed in lieu
I have lost my job and unable to afford my mortage. I have had many conversations will my lender a they say because I have more debt than income they cannot help me. So we agreed to do a short sale. I am now 2 month behind and foreclosure is just a month away. Should I do deed in lieu and how would I do that what are the steps. Also should I move before my credit is bad
Mark in Surprise Guest
Posted: Sat Feb 07, 2009 11:27 pm Post subject: Deed In Leiw of Forcloseure
I have two loans on my home and owe approx 211K on the mortgage, My home is worth about 125K right now. I have spent the last year tring to get a loan modification with no results. I cant afford the house with the arm adjustments. would a dif be the best option?
Yes, I think deed in lieu foreclosure will be the best option here. No doubt it will hurt you credit but right now you don't have any other suitable option. Your home value is too low to help you recover the mortgage balance from the sale.
Thanks
Dwebster Guest
Posted: Tue Feb 24, 2009 4:46 pm Post subject: any bank
would there be any reason a bank or mortgage company would not approve a DIL? if so what would those reasons be.
If you current on your payments, then there are chances that the lender would not accept your deed in lieu foreclosure request. Moreover, accepting a deed in lieu or not will depend upon the discretion of the lender. _________________ Procrastination is the enemy of your financial sucess
art traber Guest
Posted: Sun Apr 26, 2009 5:01 pm Post subject: we want to move
We bought a house on 9/16/2008 for $280,000, values in the area are now between $200000.00 & $225000.00. We are not behind in payments but we just want to move back where we have established doctors & friends. We are 81 & 68. We want to preserve our good credit score. We have savings, which I understand prevents us from getting a short sale is a forclosure our only way out of here.
You can try to list the property in the market and check if you can get a buyer for the property. You can contact a real estate broker and he will help you in listing the property. However, you should note that as soon as you sell off the property, your mortgage will become due. So you'll have to pay off the mortgage in full immediately.
Feel free to ask if you have further queries.
Sussane
jay1 Guest
Posted: Tue Jun 09, 2009 11:31 am Post subject: deed in lieu
if the bank has come to me with the deed in lieu can they come back for any unpaid even if they sell for lees?
In case of a deed in lieu, the lender will forgive your deficient amount. You'll not be liable to pay the deficient amount to your lender. _________________ Procrastination is the enemy of your financial sucess
JD Guest
Posted: Sun Jul 05, 2009 3:21 pm Post subject: Deed in Lieu of Foreclosure
I moved from my home in Michigan to Missouri in April 2006. Since then it has been on the market, rented for a year, and now back on the market for $30,000 less than the purchase price, with NO interest.
We are thinking DIF because the home simply isn't moving. Should we get a mortgage in Missouri, buy a home here and then let the home in Michigan go?
You can apply for a mortgage in Missouri to buy a home. Then you can apply for a deed in lieu foreclosure for the property located in Michigan. If you go for a deed in lieu, it will lower your credit score and you won't be able to get a mortgage for buying property in Michigan.
adonis
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