Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

Purchasing a home after a Deed in lieu

Author Message
Msdiva38

Guest







Post Posted: Wed Aug 12, 2009 6:10 am    Post subject: Purchasing a home after a Deed in lieu
Like 0
Dislike 0

Does anyone know the Maryland law concerning a Deed in Lieu of foreclosure? I completed one in January 2008 in Georgia after being relocated to the DC area. I was not able to sell the house, and my renters continued to move out, not paying rent which caused me to pay a mortgage and a rentaly payment in two places. I just recently applied for a loan in Virginia and the lender said that Virginia views a Deed in Lieu the same as a Foreclosure. I am trying to find out if that is true for Maryland as well.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Thu Aug 13, 2009 12:55 am    Post subject:
Like 0
Dislike 0

Hi Msdiva,

I do not think deed in lieu foreclosure and foreclosure are all the same in Maryland. In a deed in lieu of foreclosure, you surrender the property to the lender with his permission. The lender then sells off the property and recovers his dues. The balance amount which results from the sale of the property will be forgiven by the lender.

As far as foreclosure in Maryland is concerned, Maryland is a judicial foreclosure state. A foreclosure procedure in Maryland lasts for 46 days. The lender will have to file a complaint against the borrower and obtain a decree of sale from the court. The court will decide whether a default has occurred. In case of a default, the court will fix the amount of the debt, interest and costs due. Then, the court would order that if payment is not made within a certain time, the property must be sold off to satisfy the debt.

Thanks
Icon Mini Profile knalaweyei17





Joined: 25 Jul 2009

Posts: 23

14.64 Dollars($)
Post Posted: Thu Aug 13, 2009 1:41 am    Post subject: hi
Like 0
Dislike 0

You can check out my post at
http://www.mortgagefit.com/problems/dil-personalproperty.html#113762
Msdiva38

Guest







Post Posted: Fri Aug 28, 2009 5:29 pm    Post subject: Purchasing a home after a deed in lieu
Like 0
Dislike 0

Thanks for your response
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.066 seconds.