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Tall man
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0.10 Dollars($)
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Post subject: DIL or short sale |
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I have heart problems, hbp, arthritis, loss of hearing, glaucoma, etc and the house has been robbed six times and vandalized in the past 7 months. My doctor has recomended I do not live alone anymore and I cannot take care of the property. I cannot find a tenant who will pay rent consistently I live on a small income insufficient to pay the mortgage and taxes.
I have it up for sale with no takers. It is in good shape now but valued at least 33% lesshan loan value. do I need an attorney to ask for a DIL? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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no you do not need an attorney. you may want to find someone to be an advocate for you, however. counseling would appear not to be useful to you in this situation, so getting a housing counselor isn't particulary in order.
you might want to check with a legal aid office that can offer you free legal assistance in working on this. requesting a deed in lieu of foreclosure or a short sale is something one can do on one's own, but having someone in your corner will help to make sure all moves smoothly.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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Nelson
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0.10 Dollars($)
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Post subject: This was a helpful passage of help |
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Clearly stated and understood. I am delighted to have read all this.
I am in forbearance and loan modification at the same time with EMC and I do hope by the end of July when that forbearance ends I am able to clear my debt or they are able to provide me with a loan modification otherwise, it is coming to a year when they keep extending my modification. Every time I call and ask before the period given is about to expire they say they are working on it and they will extend me six more months! I once thought, they are buying time to take away my home.
Anyone knows any investors who would want to buy my loan and so I keep my home still??? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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i don't think they are buying time to take away your home, nelson. i think they have insufficient staff to keep up with all the consumers who need assistance, and being overburdened, they are unable to figure out how to express that situation to consumers.
in other words, they can't even be honest with themselves.
no lender in this wacky country of ours desires to take anyone's house. the last thing they want to do is to own real estate.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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SMS
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0.10 Dollars($)
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Post subject: Had to move out of state; property now depreciated $100,000 |
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| My husband was transferred from AZ last year and we had to move out of a house we paid over $400,000 for. We have renters in the home who only pay a portion of our mortgage. The property continues to lose value and they are asking for a $300 rent reduction. Since moving, I have not been able to find work and he was just told he is going to have a salary cut. We can't keep paying this mortgage and don't know what we can qualify for since it is no longer our primary residence. Worse yet, when we moved into this house, we kept our old house as a rental and can't sell it either. We also have a second on the house. I can't sleep at night because I am so stressed. What options do we have for this house that is now assessed at $100,000 under what we paid for it? We're trying so hard to not kill our credit but can't continue to make these payments. Please help!!! THANK YOU |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi SMS!
Welcome to forums!
You're in a difficult situation. It will be better if you could now sell off the rental property by going for a deed in lieu of foreclosure. However, this will badly effect your credit score and lower it by 250 points. But you should note that if you go for a deed in lieu, you'll not be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you have further queries.
Sussane |
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confused
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Post subject: foreclosure |
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| I haven't lived in my house for 2 years, and now I am behind 3 months in an interest only loan, the house has been vacant for the whole time, and on the market. My realtor hasn't had any offers in 2 years, and this is with us dropping the price by 24,000 to 89,000 and still no offers. Can I go to jail if I just walk away? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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if jail is in walking distance, i suppose you could go there. 
but seriously, you don't have to worry about them locking you up for walking away - wait...you don't live there to begin with, so how can you walk away?
the answer still stands - don't worry about jail.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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manoj_gopale
Joined: 16 Feb 2009
Posts: 488
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I really get amused  with the query. but still george rightly said if the person is not staying on the place then it is not possible that police will come behind you.I do not find any reason.
Apart from that if it is interest only loan then i think there is no reason why person should behind the payments. anyway do not worry.  |
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d_h_arizona
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Post subject: H4H Comment, and Deed-in-lieu of Foreclosure question. |
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Hello all:
I applied for the H4H (Hope for Homeowners act of 2008) in October, qualified under all the rules. The bank was about to let me sign a new modified loan in March 2009, but has now dragged their heels until modifications were made by Congress and signed into law on May 20, 2009.
Now my bank is telling me I need to submit my new current income to the H4H program in order to re-qualify (previously the law stated March 2008 income, now it's current income). When I do that I will not qualify (the Gross Income - to - Mortgage payment ratio must be above a certain limit; now I am 2% below that limit). My bank has told me repeatedly that the H4H is the only program that is available to me at the present time.
My house that I bought for $240,000 is now worth $73,000 according to the H4H Broker Price Opinion conducted in January 2009.
Can I realistically execute a deed-in-lieu of foreclosure and then purchase another house that is more affordable? Will the bank even enter into a deed-in-lieu if they think I can afford my current home? What are the risks of a deed-in-lieu? (I heard that it's 4 years of bad credit, and most lenders will require 10% down on a purchase of a new home). |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi d_h,
Accepting a deed in lieu will be the lender's discretion. You'll have to write a hardship letter to the lender and apply for a deed in lieu. The lender will judge your financial situation and decide whether he would accept your request or not.
A deed in lieu will lower your credit score by 250 points and it will remain in your credit report for the next 7 years. Moreover, you won't be able to get a loan before 3-4 years once you go for a deed in lieu.
Take Care. |
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pjb
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Post subject: LOAN MODIFICATION |
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| I have lost my job, we only have one income now and to date we are current on our mortgage. i am in the process of a loan modification with wells. with what i have stated will i still be considered for a loan modification? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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pjb
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| adonis - thank you i will check into the website you provided. any other information you or anyone else can provide - i will gladly accept. |
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pjb
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Post subject: |
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| Does anyone know who to talk to or how to update information on my loan modification paper work with Wells Fargo? HELP please…….. |
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