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How long does a deed-in-lieu process take?

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savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Fri Aug 07, 2009 6:28 am    Post subject: Like 0 Dislike 0 Hi Kathy, It's up to the lender whether they'll forgive the deficiency from the deed in lieu. In most cases, they forgive the difference. In case, they don't forgive the deficiency, your daughter and son in law will be responsible for it. The lender can sue them for non-payment or can garnish their wages. I think they should talk with the lender regarding this and check if they intend to sue for the deficiency.
DORIS Guest	Posted: Mon Oct 19, 2009 12:48 pm    Post subject: FORECLOSE Like 0 Dislike 0 DO I HAVE TO PAY ANY BALANCE IF I CHOOSE TO FORECLOSE AND IF SO DOES IT HAVE TO BE PAID OFF IN ONE LUMP SUM?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Oct 20, 2009 10:04 pm    Post subject: Like 0 Dislike 0 Hi DORIS, If your property is foreclosed on and the sale price does not cover the outstanding loan amount, you will be liable to pay off the deficiency. The lender can come after you for it, if you do not pay it off. They can sue you for non-payment. You do not have to pay it in a lump sum. If you want, you can talk with your lender and set up repayment plan to pay off the deficiency within a certain amount of time.
dif Guest	Posted: Fri May 14, 2010 8:22 am    Post subject: forbearance Like 0 Dislike 0 How hard is it to get a forbearance, we have been denied a loan modification and my husband is unemployed but we recently have started collecting social security
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Mon May 17, 2010 12:45 am    Post subject: Like 0 Dislike 0 Hi dif, If the lender is convinced about your financial hardship, then you would be able to get a forbearance. You should contact your lender by writing a hardship letter and request him to consider your situation. Depending upon your financial situation, the lender may get ready to give you a forbearance. _________________ Procrastination is the enemy of your financial success
Lola Guest	Posted: Thu Jul 22, 2010 10:14 pm    Post subject: Deed in lieu of foreclosure Like 0 Dislike 0 I have a bankruptcy discharged about 6 months ago.....my house is in foreclosure. I am thinking of asking the lender to do a Deed in lieu of foreclosure. My question is......Am I protected by the discharged from the deed taxes next year?? Please help. Thank you
Lola Guest	Posted: Thu Jul 22, 2010 10:25 pm    Post subject: Deed in lieu of foreclosure Like 0 Dislike 0 My other question is.....My sheriff's sale date is Sept/2010, how long do I get to live in my home if I was to do a deed in lieu of foreclosure? I live in MN and we have 6 months redemption period. Basically, how long does the deed in lieu process takes? Any info would be very helpful. THANK YOU!

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