I have questions about in leui of deed vs forclosure

darinnell · Joined: 19 Oct 2006 Posts: 1 1.42 Dollars($)

How does both affect your credit score? I qualified for the loan by myself but I believe my husband is on the title. If i let the house foreclose or do the in leiu of deed will it affect my husbands credit?

jameshogg · Posted: Thu Oct 19, 2006 6:05 pm Post subject:

Hi Darinnell,

A foreclosure or deed-in-lieu will only affect your credit score and not your husband's as he is not part of the mortgage.

Thanks
James

Guest 0.10 Dollars($)

Hi,

Both have negative affect on the credit score but it is relatively less when you have a deed-in-lieu of foreclosure.

colin · Posted: Thu Oct 19, 2006 6:23 pm Post subject:

Hi,

Please go through the article to know more about how deed-in-lieu can be used to avoid foreclosures.

There are other ways also by which you can avoid a foreclosure proceeding which is known as loss mitigation process. These are commonly used when a person defaults on the payments.

Thanks
Colin

helping_user

Hi Darinnell,

If you fail to pay off the loan, the lender may demand the payments from your husband as he is on the title. In case, he too fails to repay the debt, the house can go into foreclosure and your husband being the owner, his credit score will get affected.

Thanks.

Guest 0.10 Dollars($)

If I do a Deed in Leui of Foreclosure will I ever be able to buy a house again? Will I owe any monies on the house if I go through with the Deed in Leui of

sara · Posted: Wed Apr 02, 2008 2:34 am Post subject: RE: buy home after deed-in-lieu

Hi Tabetha,

Welcome to the forums.

Yes, even if you go for a deed-in-lieu, you will be able to buy a home again. But you need to wait for some more time, because when you go for dil, it is likely to affect your credit by 250 points. And it will take some time before you rebuild your credit.

After you go through deed-in-lieu, you will probably not owe any money on the house because in such a case, lenders cannot ask for deficiency as per the laws. Know more on Deed-in-lieu .

Take Care

Guest 0.10 Dollars($)

If I do a DIL with the 1st what happens to with the lender of my 2nd? We'll they still come after me:

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome Lynn.

If the first lender is ready to accent to go for DIL then you will inform the second lender and see if they agree for it or not. IF they don't agree, then you will need to pay what ever you owe to him. Or else he can place lien on your other properties or come after for the due debt.

Guest 0.10 Dollars($)

SHORT SALE ALL DONE, SIGNED PAPERS, 184K DEBT WITH CHASE, OFFER WAS 85K, NOW THE NATIONAL FORCLOSURE RELIEF CENTER, MR. ROCCO AGRESTA ASKED TO HAVE ME CALL "CHASE" FOR A RECONSTRUCTION AS HE IS CLOSING ON A REAL QUICK DEAL, SO I HAD DONE THAT BEFORE, FOUND HIM, THREE WEEKS GETTING TO THE OFFER STAGE, AND NOW HE WANTS ME TO TRY AND BUY TIME, I LIVE IN PA, THEY WANT TWO PAYMENTS, BOTTOM LINE, RECEIVED MY SECOND LETTER FROM SHERIFF WITH 10 DAYS TO DO SOMETHING THOUGHT I ALREADY DID. AT 63 STRESSFUL, BUT I AM CALLING "CHASE MORGAGE" LAWYER AND BE HONEST.

J

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HOW LONG, DOES ANYONE KNOW UNTIL PEOPLE MUST LEAVE THE PROPERTY, AND WHY WOULD THEY WANT IT EMPTY WITH ALL THE EXPENSES, BUT ANYONE KNOW FOR (PENNSYLVANIA).

ELWOOD JONES

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome JONES.

Have you consulted with the bank? If not talk with then ASAP. Inform the bank that you will like to go for short sale. Then the bank may allow you sometime so that you can sell the property to pay them off.

BTW law varies from one state to another. After the sheriff sale, the eviction may start right away. But it may some time take two week to a month.

Let me know if you have any further queries

cliff · Posted: Mon May 12, 2008 6:27 am Post subject:

Hi Elwood,

It depends on the eviction process. Some banks are slow to get the evicition proscesee started which can give you as much as 60 days after property has been foreclosed. Some are quicker which would give you around 30 days after property was foreclosed.

Guest 0.10 Dollars($)

my house has mold in it and we owe on it. it ios making my son sick. i would like to buy my moms house. however my husband is the only one working. i had to quite to stay at home and take care of my son. However my mom has had a forecloser on her credit report however it never went in the steps it is just on her credit score. what do i do.

cliff · Posted: Thu Sep 04, 2008 8:05 am Post subject:

You could have your mom deed her interest in her property over to you. This would give you ownership but, would still leave her name on the mortgage. However, once the property was deeded to you then you could refinance and the new mortgage would be in your name.

Side note when you refinance your credit and income would be an important part of you getting approved. So how is your husband’s credit?

Hope this helps if you have any other question don’t hesitate to ask. Very Happy

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