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Guest

ok thanks Andy.

Today I received this packet from WaMu. They require my parents to send copies of payroll stubs and things like that..
They give us a list of documents they need and an additional documents "if you are applying for short sale or deed in lieu consideration". Now i have couple of questions with that.
They want copy of sales contract when applying for deed in lieu ("must be signed by both our borrower as the seller and the buyer........") - does that mean they want a proof that we sold a house?
also, on the very bottom it says "Please note: If a Short Sale or Deed in Lieu is approved, no contributions or credits will be given to any junior liens". Does junior lien mean a second mortgage? So they wont pay for second mortgage and we still be responsibile for paying that off even if deed in lieu or a short sale happens?

Guest

Hi,

If the first mortgage lender is asking for a copy of the Sales Contract when you apply for deed-in-lieu, it means that they require proofs that you have bought the house from someone. They can only ask for a copy of the sale of your house after the deed-in-lieu is over.

Samantha · Posted: Mon Oct 02, 2006 8:21 pm Post subject: RE:

Hi Rem,

sara · Posted: Mon Oct 02, 2006 9:00 pm Post subject: RE:

Hi Rem,

If you do a short sale, you will be able to sell off your house at a price lower than what you owe. So, the first lender has to forgive a part of your debt. Therefore, you should make arrangements to repay the second loan. But if you apply for a deed in lieu with the first lender, he will sell off the property at a certain price so that he can retrieve maximum of what he owes. So, you need to talk to the second lender regarding payments and the deed in lieu or the short sale that you are aiming at.

Thanks,

Sara.

Guest

You guys are so helpfull, thank you all. I feel more confident about this stuff.
One more question bothers me though; is my mother a mortgage co-borrower? Her name is not on the monthly mortgage statements, but her name is on the house title. Also at the time we were buying the house she didnt have sufficient credit history and didnt work so I see no reason why she would be a co-borrower.
Thanks.

Guest

Hi,

You are quite right. As your mother only had her name on the title and not on the mortgage papers, she is not a co-borrower for the mortgage.

As her credit was not good may be because of that she was not included in the mortgage.

Thanks
Maclaurin

sara

Hi Rem,

Your mother isn't a co-borrower as she does not have her name on the mortgage note. But her name is on title. So in case the primary borrower does not make payments, the lender may demand it from your mother. This is because she has the ownership rights on the property for which the lender has offered the loan and he would surely like to get it back with interest.

One more thing Rem, just a suggestion from my end. I find you have a lot of doubts and you are eager to clear them. Then why not join this Community. It will help you to get regular updates on various mortgage related issues so that you can carry on well.

Thanks,

Sara

charlesarmbruster · Posted: Tue Nov 14, 2006 11:28 am Post subject: looking for options

Hi! After reading all the posts, please tell us what the house is worth, and how much is still owed on it. A home sale can pay all debts -- will you be renting?

Don't worry about foreclosure -- you can always have someone rent the house to pay ALL the bills, including taxes, water and electricity. You may even make some extra money monthly to help pay rent for Mom.

charlesarmbruster · Posted: Tue Nov 14, 2006 11:58 am Post subject: looking for options

'http://www.aaronfinancial.net/about.htm
1-800-768-1616
You do not have to own land to refinance your home!
We also finance private sales of mobile homes - from individual to individual. Call us for more information on our unique approach to buying or selling a used manufactured/mobile home.

Guest

How common do lenders pursue the deficiency amount in cases of "deed in lieu of foreclosure" and under what circumstances?

Caron

Hi Boomer,

Welcome to our forums.

When the lender accepts a deed-in-lieu, he loses the right to recover the deficiency. In fact, the borrower benefits from the deed-in-lieu considering the fact that he does not have to pay the outstanding debt and his credit score is also not affected as hard as in a foreclosure. But in most cases, a lender accepts deed-in-lieu when there are no liens on the property.

In general, lenders hardly allow you to go for the process. Instead, he may suggest the borrower to go for a short sale of the home with the help of a real estate broker. If the lender anticipates that he would not be getting enough money to recover his investment through deed-in-lieu, he would suggest that the borrower try out with a short sale.

Good luck

Guest

I'm going to do a deed-in-lieu but I have a 2nd mortgage. How does it effect the second?

Guest

i am upside down on my mortgage and I'm thinking about just leaving my house and letting the mortgage co have it, will I be sued by the mortgage co

jenkin7 · Posted: Mon Mar 08, 2010 2:09 am Post subject:

Hi Anne,

Since your house is upside down, there will be a deficiency from the sale of your house if the mortgage company forecloses your property. They can come after you to collect the deficiency and can get a judgment against you. So, it is not a very good idea to walk away from the property. Instead, you can request your lender to do a deed in lieu (DIL) of foreclosure. The mortgage company is unlikely to sue you for the deficiency in case of a DIL.

Guest

My husband and I are separating. I just found papers where he is planning to do a deed in lieu of foreclosure. He is on the mortage (alone) but both of us are on the title. Can he do this without my signature, since I am on that title??

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How do I apply for DIL?