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How does deed in lieu process work?

We live in Kentucky and we are two months behind on our mortgage payments and two years behind on property taxes. Can someone explain the deed in lieu process?

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Motomom,

I have read your previous post about your mortgage sold to Countrywide and then again bought back by Wilmington Finance.

On 19th you said that Wilmington is thinking to allow a new payment plan, what happened to that. Are they asking for a deed in lieu?

In deed-in-lieu of foreclosure, they will take over your house instead of foreclosing. And the balance on the mortgage won't have to be paid. But you will lose your house. Read more about deed in lieu from this page: http://www.mortgagefit.com/deed-lieu.html

If you do not want to lose the house then talk about other repayment plans which you would be able to afford instead of a deed in lieu.

Let me know what Wilmington said about setting a new payment plan.

Colin

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motomom716's picture
motomom716 | Joined: April 18, 2007 07:48 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Colin,

Countrywide did not provide Wilmington with the payment plan in place so Wilmington is requesting that we provide a hardship letter, tax returns, pay stubs, bank statements and a monthly expense list. I am just trying to explore all options in case we are not able to come up with large payments. The loan officer with Wilmington did say that normally half the delinquency is due upon starting a payment plan. Our goal however is to keep our house if at all possible.

motomom716

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sometimes it is also possible that all the back dues are added on to the mortgage balance and a new extended repayment plan set up in which you do not have to pay the defaulted dues at the time repayment plan starts. It is called as mortgage modification.

You should inquire with them if that would be possible. Also read through this page about these different [url=http://www.mortgagefit.com/loss-mitigation.html]loss mitigation[/url] plans as they are called which are possible. And you should discuss if it would be possible to be accepted in your situation - http://www.mortgagefit.com/loss-mitigation.html

Let me know what happens.

Colin

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes Motomom716, you should try to make them agree to a payment plan which you would be able to afford in this difficult financial situation you are in with your fiance out of job.

You can also consult ACORN Housing's mortgage delinquency counselors or other foreclosure prevention counseling agencies in your region to convince Wilmington on a new repayment plan which you would be able to afford.

Wilmington I expect would consider your situation and develop a plan in accordance with it.

Thanks
Blue

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

ACORN has a Foreclosure Assistance Program (FAP) in which interest rates can be reduced so that you can afford the payments. One criterion is when someone has a reduction in income due to loss of employment.

It can be helpful for you, have a look at this page for details of this program: http://acornhousing.org/TEXT/fap.php

Also call at this number ((888) 409-3557) to know how long it will take to start the program if you are found eligible and if your lender (Wilmington) could be asked to wait until the program approval comes through.

Miller

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Motomom,

You should try to contact a credit counseling agency. They can help you to analyze your financial situation and develop plans regarding the strategies you should follow and how you should negotiate with the lender for an alternative repayment plan. You can look into http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm for a HUD approved housing counselor.

Take Care

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can anyone provide me with a sample hardship letter ?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Burke,

The letter needs to give details why you are not able to make the payments. Along with the letter lender can ask you to submit pay stubs, tax records and other financial statements (like last 2 bank statements).

[quote:6477ca9708]

[center:6477ca9708]Sample Hardship Letter[/center:6477ca9708]

Date

This letter is a request for a short sale (letter can also be for a loan workout, depending the situation you are in) of my home located at "YOUR ADDRESS".

I had been working for "COMPANY NAME" for the last ten years when this October work began to slow down. Company started to cut back on my hours which eventually caused me to start falling behind on my bills. I earnestly tried to look for other work but did not have any success with it. This February I was laid off making it impossible for me to keep up on my mortgage.

All the bills kept piling up & I had no way to take care of them. I did find some temporary job that kept me afloat for a little while. I have just recently found another job but the pay is substantially less than what I was making at "COMPANY NAME".

Since I have fallen so far behind, there is no way for me to continue the payments. I am expecting that the house will get sold and thus would be able to [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url] & pay back as much as possible. It would also help me save my credit.

Thank you for reviewing my request.

Sincerely,
"YOUR NAME"

[/quote:6477ca9708]

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sagar.thakar's picture
sagar.thakar | Joined: May 15, 2007 08:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Colin,

Great information thanks for sharing with us

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I try to share as my knowledge as I have & help out people. It is good to know that you found the information useful. :)

Colin

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motomom716's picture
motomom716 | Joined: April 18, 2007 07:48 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just want to thank Miller, Caron, Colin, blue and Ken Stampe for all their moral support and valuable information. We have been able to work out a payment plan with Wilmington Finance and hopefully the future is looking brighter. No one knows just how quick you can get behind or even lose your home. Thanks again.

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Good news Motomom, it really feels good that foreclosure was avoided. Now you need to somehow follow the plan that has been set and hopefully things will be much better than what they are right now.

Keep us posted on how things go. And knock us anytime if you have any doubts.

Colin

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are always there to help you and wish that your situation improves. :)

Miller

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mortgagefit community is always with you Motomom.

I am confident you will be able to continue this repayment plan.

You face any other problem in future, let us know. We will try our best to provide you with a solution.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

3 of my house have option arm and i already stopped my payment on these houses this month and will go to foreclosure soon.i am moving back to my other house where i am planning to stay for 10 years until my credit clears and refinance.my loan on this house is interest only adjustible rate.can my mortgage company work on my loan when im on a foreclosure process on my other houses?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi weng,

Welcome to the forum.

It all depends on your mortgage company. There are many mortgage companies who can work on a loan even when you are on foreclosure process with other houses. So it all depends on your lender if he will work with you or not.

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Jeanette's picture
Jeanette | Joined: October 19, 2007 08:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The lender wants to know that you are going to make an effort in repaying them back the loan on a monthly, timely basis. In the letter, you must let them know that you will be able to start making payments again as soon as either a new job, a contracted assignment, or you sell your house. Whatever is bringing more income in. Make sure you mention the hard time you are having making payments.

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scherzeroni's picture
scherzeroni | Joined: January 5, 2008 05:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you dont see yourself being able to afford the payments in the near future then I would suggest looking at options that would release you from this obligation. The first option could be a short sale. This is where the lender accepts a payoff that is lower than actually owed. They will only consider this when the you have a buyer that is willing to pay market value for the home. This way, you wont have a foreclosure on your record. A deed in leiu of foreclosure could be another option. Please call your lender to discuss these and other options that they may have available to you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We currently own three houses. One is rented and paying for itself. The second, our current residence, we are trying to sell because the payment is way to high for us to be able to handle. The third is in another state and will become our home after we figure out what to do with this one. We are current on our payments, however, we are older, not working and depending on our retirement to keep us going. How do we get out of this? Losing credit points really doesn't matter as we plan on staying in the other house for a long time. How can we avoid the lender going after our assets?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Laura.

How much do you owe to the lender for the second house that I suppose you are going to sell? I feel you should try and sell the house if it worth more than what you owe to the lender.

You can also request the lender for [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] if the property value id less than what you owe to the lender.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like a sample letter stating that our youngest brother (40 yrs. old) should be the one living at my mothers house. She died last year and left no will but we are in the process of obtaining one. The letter needs to state that he is the sole living family member who takes care of the house and pays the utlitily bills and takes care of the house.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tomas Vela,

Welcome to forums.

I don't think you will get any such sample letters online. It will be better if you just visit your legal adviser and get it drafted.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Whenever a bank agrees to take your house on a Deed in Lieu process, they will pay any backed up taxes and Hazard insurance!!! the good news is that you do not have a debt afterwards like if you would go through Foreclosure.

[size=9:9e8bc4bce9][color=Red:9e8bc4bce9][Promotional text and link deleted as per forum rules. Thanks.][/color:9e8bc4bce9]
[/size:9e8bc4bce9]
Sincerely,

Mirla Alvarez

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm thinking about loan modifation. I was just wondering if it's best to work with your lender directly or should I work with a company who charges a large fee that I really can't afford. Would the outcome be the same?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kitty!

Welcome to forums!

You can directly speak to the lender and try to negotiate for a loan modification. You will have to write a hardship letter to the lender and apply for a loan modification. If you do not feel confident enough to negotiate with the lender, then you can contact a [url=http://www.mortgagefit.com/loss-mitigation.html]loss mitigation[/url] expert to do it on your behalf.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My house will be foreclosed upon in about 5 months. Unfortunately, my husband can no longer make payments and he has decided he wants nothing to do with the process. The house is in my name 100% due to good credit rating at teh time but his income was used for the purchase. How can I get out of this house being left to deal with this and not even having a fraction of the income to pay anything. Thanks so much

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Maryann,

In order to remove your name from the property, you may quitclaim it to your husband. But if your name is on the mortgage docs, you will still be liable for the payments. I think, it will be better if you could speak to your lender about a short sale or a deed in lieu.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The last two years I have paid my college tuition ($949.00-$1037.00) every nine weeks by working a second job. I can't continue working two jobs in one day for another two years. It has taken a toll on me. Getting a degree will increase my full-time job income. It will be impossible to pay my mortgage and tuition without working my two jobs. I don't want to get school loans because I don't want to have thousands and thousands of loans to pay back with interest.

My interest rate is 7.50% (625 fica score). I was told that if I put money down at closing it would be 6.25 interest rate. Also, told by mortgage broker that I could [url=http://www.mortgagefit.com/refinance.html]refinance[/url] 6 months later for a lower than 7.50% interest. I later found out that you have to pay closing cost fees and a down payment. Needless to say, I still have the high interest rate.

I'm trying to get my interest rate lowered with the Neighborhood Assistance Crop. of America (NACA). They will help you get lower interest rates if you have a hardship. If I discontinue working my second job to pay my tuition, I will get behind in all of my finances. Is being a college student and paying tuition considered a hardship?

Thanks,
Shawn

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shawn,

As far as I know unemployment, illness, divorce or family issues and reduced income are considered as hardship. Being a college student won't be considered as a hardship.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

due to financial hardship/lack of work-we are 5 months behind on payments. We requested a loan modification and want to try and save our home. Is this possible. Forclosure has akready been started.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sheryl!

Welcome to forums!

It is possible to save your home though it is in foreclosure. But you've mentioned that the foreclosure procedure has already started. In that case, I think the lender has rejected your loan modification offer. However, I would suggest you to contact your lender and reapply for a modification. This will help you know whether or not he would consider your request.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I put my boyfriends name on my house to help him with his credit and now he will not move out or remove my name from the deed. What can i do? I recently moved and he is still living there wiht his kids and i am paying the mortgage becasue i dont want to ruin my credit but I can not afford to do this much longer. What should i do???

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is your boyfriend who needs to sign a quitclaim deed in your favor to remove his name from the property. If he doesn't do so, you cannot force him as he is one of the owners of the property now. However, you may file a partition lawsuit after which the court can order the sale of the property. This will help you in getting rid of the property. Also, the mortgage will be paid off from the sale proceeds. Thus, you won't be liable for the mortgage as well as the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can any one show a really great letter' to help us?.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can any one show me a hard ship letter? that will get eyes? our that will make a diferance

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi diann,

You can check out the given page to know in details about hardship letter:
http://www.mortgagefit.com/problems/hardship-letter.html

Take care.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This past June I asked for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url], because I couldn't afford my payments anymore, because of taking on the care of my parents.........I filled out the paperwork, sent them my financial info., etc.............they have sent me letters, which I'm afraid to open, and the call almost everyday.........my fear is that they won't do the deed in lieu, and that they will garnish my wages.........do I need an attorney?............I do have a bankruptcy in my past, due to divorce, but have bought 2 cars & a condo since then......any advice?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ston,

You should open those letters and check out what the lender has offered you. Rather that consulting an attorney, it's always better to negotiate the lender on your own. As you're unable to pay off the loan dues, there are high chances that the lender will accept your request for a deed in lieu of foreclosure.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been unemployed since July. I have tried to make all payments on my house....I have not lived in since 2008. It sits empty, has not sold. I have drained all savings, 401K, moved several times to maintain employment and now just have nothing left. Creditors are calling for other debts because I have maintained this mortgage!

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Layne,

You can list the property in the market and try to sell it off. This will help you in getting rid of the property. You can use the sale price of the property to pay off the loan.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It has been listed on market since 2008 and has not sold with numerous incentives, declining list prices etc. Right now the market is so flooded with forclosures etc that my property value has dropped to less than my mortgage amount even though I renovated it with out of pocket funds as well

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome layne,

I can understand your situation. However, you will have to hold your patience and try. You can contact a broker and take his help in selling off the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if i cannot make my house payment and they forclose, short sale, deed in lieu is FHA responsible for the balance and then they cannot come after me for the deficiencies.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome kcrai,

You will be responsible for paying the deficient balance resulting from the sale of the property in case of a foreclosure or a short sale. However, as you have a mortgage insurance, it will pay for the deficient balance resulting from the property sale.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband gets ssi i work under part time our morgage we need to get out of his health is bad and we need to down size how to go about this what the best oppion

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kathy!

Welcome to forums!

If you're facing hardship in paying off the mortgage, then you should contact your lender and apply for a deed in lieu of foreclosure. The lender will look into your financial situation and let you know whether or not they will accept your request.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Bankruptcy was dischange in Jan 09. Continued making house payments until husband lost his part-time job in Nov 10. Stopped making house payments in Dec 10 and abandoned the house in Jun 11. BOA is our lender and they haven't started forecloure on the house. They tell me that they can't do anything because of the bankruptcy discharge. What are they talking about as the lady I spoke to didn't know.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you haven't reaffirmed the home in your bankruptcy filing and if you have stopped paying the mortgage, then you can surrender the property to your lender and let him foreclose it. This will help you in getting rid of the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it possible to follow the Deed in Lieu Process for Timeshare that has never been used. Purchased August 2009. Was mislead when purchased that can go all over us , nothing is ever available when contacting them.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rose,

You can contact the lender and apply for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]. However, it will be completely the lender's discretion as to whether or not you can qualify for a loan.

Thanks

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