Deed in lieu of foreclosure procedure?

Author Message
Icon Mini Profile csaubrey





Joined: 04 Sep 2006

Posts: 4

3.17 Dollars($)
Post Posted: Thu Sep 28, 2006 2:33 pm    Post subject: Deed in lieu of foreclosure procedure?
Like
Dislike

I need to know how to start or the procedure of a Deed in Lieu of Foreclosure.
I have a home I am not living in, I have been trying to sell it for several months. I can no longer make the payments. I have been charging my credit cards. I have a first and second with the same lender. The total dept is what I have been trying to sell it for with no luck. I am going to have to foreclose, file bancruptcy, or something.
I have another home I am buying that I am living in and can continue to pay for that one. I need to get rid of the first house and it's debt.

Any HELP?
Thank you
wittygirl

Guest







Post Posted: Fri Sep 29, 2006 6:10 am    Post subject:
Like
Dislike

Hi,

You can ask the lender, he can tell you the exact procedure.
Icon Mini Profile colin
colin
Moderator



Joined: 30 Jun 2006

Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post Posted: Fri Sep 29, 2006 1:18 pm    Post subject:
Like
Dislike

Hi Csaubrey,

You can read this article for more information about the actual procedure that is followed in deed in lieu of foreclosure.

Thanks
Colin
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1516
Location: florida
279.74 Dollars($)
Post Posted: Tue Oct 03, 2006 2:19 am    Post subject: RE: Deed-in-lieu process
Like
Dislike

Hi Csaubrey,

The deed-in-lieu process may vary from one lender to another depending upon the laws in a particular state. For a general overview of the procees, go through a previous discussion on Steps in Deed-in-lieu.

Thanks,

Caron.
Ricky Edge

Guest







Post Posted: Sun Dec 20, 2009 7:15 pm    Post subject: Joke
Like
Dislike

Here's the joke. My wife and I both have FICO scores over 850. Never been late on a payment on anything in 30 years. Had two slow years of work, burned through my savings on the house. The cheapest we could find in the market 5 years ago. First house. All lenders said no worries, rates will be great for years to refinance. The year I got in I made over $160,000. Close to $200,000 combined. Combined both my wife and I make over 70,000 normally. Never went to Hawaii, all cars paid off, no cable TV. Need a bit of help and none of our creditors will even so much as let me skip one month payment to catch bills up. Joke is many of our friends who have been footing the bill for this country for 30 years are all scrambling for apartments. Well, I guess at least that way we'll have more in our pocket to keep bailing out the banks. We're walking from it all. Not worth the headaches. Quality of life is more important than a crappy house. The great American nightmare. Unless you are super wealthy or have help. Do the Deed in lieu. Short sale is nightmare.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Ricky Edge

Guest







Post Posted: Sun Dec 20, 2009 8:15 pm    Post subject: Help
Like
Dislike

P.S. Out of all of our friends who have done short sales, Deed in Lieu, begged for (or paid) to get a modification and gone into foreclosure not one of them or myself has had the bank come back and say, ‘Hey don’t move. We’ll help you with a modification.’ Do you see any posts here referencing that? We have been trying to get a modification for 9 months. They string you along saying hey you forgot to check this box or dot that ‘i’ so they can squeeze every last cent out of you before the ship finally sinks. Do yourself a favor; find a nice apartment while your credit is still intact if it is and take care of your survival first because no one will be there to help when you are out on the street and homeless.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.42 Dollars($)
Post Posted: Mon Dec 21, 2009 2:59 am    Post subject:
Like
Dislike

Hi Ricky,

Lenders are often unwilling to modify loans to help borrowers stay current on the mortgage. Even the Home Affordable Modification Program has not been as successful as it was expected to be because of the reluctance of lenders to participate in the program. It is sad, but this is what the truth is. I think you're right in saying that you should better look for place to rent while your credit is good, rather than wait for your house to be foreclosed. There is no reason why you should keep struggling for a home that you know you will not be able to save in the long run. I think it will be better to rent an apartment and then go for a deed in lieu of foreclosure on the existing property.
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.483 seconds.