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tired of the fight
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Post subject: Can mortgage come come after your corporations assets w/DIL |
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I'm in Georgia. I havesubmitted all they asked for a loan mod since March 09 with no luck. Actually subbmited twice at atheir request. I call and call but just a runaround. I am current on the mortage pmts but I cannot continue to pay this huge pmt and the market would probably only bring what I owe, if that. I also have a small equity loan. I can try to work with that bank on that loan but will the mortgage holder come after my corp owned rentals and it's small bank account? I also have a little personal savings and small 401K. What will happen to those with a DIL?
Thank you,
Tired of the fight. |
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jbrown465
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Post subject: Deed in Lieu vs Foreclosure |
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| My wife and I bought a house 4 years ago, although the way the loan was done it is not on my credit report. Anyway, we have it rented right now but we cannot keep it. We have a 1st for $248,000 and a 2nd for $61,000 but the house is only worth about $200,000, at best. What is the best way for us to dump it and what do we do about the tenant? Can we still collect rent until it is a done deal either way? Thx... |
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puzzeled
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Post subject: deed in lieu of forclosure |
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| I signed a warenty deed when I sold back my house and 6 yrs latter the lender is filling a forclosure on the house because the lady who purchased the house passed away. Now they are naming me on the forclosure and said that they can fix it by having me sign a deed in lieu of forclosure. Should I sign? |
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sun city
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Post subject: DIL or Forclosure |
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| We purchased our home for 360,00. It is now worth $113,00. We have had our house up for a short sale for a year now. We have had several potential buyers. Our 1st Lien holder has accepted offers, our second has demanded more and more money. Holding up the sales and causing us to loose several buyers. Now we are looking to do a DIL to the 1st. We were told because we had tried to sale the home that we would qualify to be able to request this action. I told them the reason the sales had fallen thru was due to the 2nd. What will happen to the 2nd if we do the DIL and the 1st accepts it. Can the 2nd still come after us? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi sun city,
If you do the deed in lieu on your property, the first lender will take possession of the property and will sell it to satisfy their lien. But you will still be responsible for the second mortgage. The second lender will come after you if you do not pay off the second lien. They cam sue you, put liens on your other properties or can garnish your wages to recover their outstanding loan amount.
Hi puzzeled,
You signed the warranty deed and transferred the property to the lady. But did you remove your name from the loan? It seems like the mortgage on the property is still in your name. If this is what the case is, you will have to work with the lender to avoid the foreclosure. You will be required to sign the deed in lieu paperwork so the lender will not have to foreclose on the property to satisfy their lien. |
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SheldaGGM
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Post subject: When can I get another loan after deed in Lieu? |
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| I bought investments property and could not sell it. After 2 years I let it go. I live in another home now but I am being relocated, thus I need to get another loan when I sell my current home. How long do I have to wait until they give me a loan. Its been about a year. |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi Shelda,
| Quote: | | I bought investments property and could not sell it. After 2 years I let it go......Its been about a year |
You mean your investment property was foreclosed and it's been about a year since the foreclosure, am I correct? If it's just been a year after the foreclosure, you will have to wait for at least another year to qualify for a new FHA loan. If you wish to take a conventional loan, you will have to wait for another 2-3 years. Nevertheless, much depends on your credit scores. You may not have to wait for long for a loan, in case you have rebuilt your credit since the time of the foreclosure. |
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cupplesjonathan71
Joined: 04 Nov 2009
Posts: 82
0.00 Dollars($)
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| it all depends upon your credit score. for FHA, it should be min 620 |
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ms166
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Post subject: DIL |
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| I recently completed a DIL where there was both a 1st and 2nd mortgage on the property. There was a single lender of both mortgages. There was never any mention of what would become of the 2nd mortgage I assumed, hopefully not wrongly, that the DIL would resolve both when the lender took over the property. Can you clarify what are the normal legal parameters of a situation such as this. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi ms,
Did the sale of the house satisfy both the mortgage liens? If it didn't, you will remain responsible for the deficiency from the sale of the house. If the deficiency was forgiven by your lender, you should get it in writing. Unless the lender informs you in writing that the debt has been forgiven, he may come after you to recover the outstanding loan amount in future. |
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TX
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Post subject: Deed in Lieu of Foreclosure with a 2nd Lien |
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| My lender just started the foreclosure process and I asked them if they could accept a Deed in Lieu of Foreclosure (the rep was not really nice), well he said "no because you have a 2nd lien" but, can it be possible to do a Deed in Lieu when the 2nd lien is being financed by the same lender?...this is my case...thanks |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi TX,
It is possible to do deed in lieu on your property even if there are 2 mortgages on it. In that case, you will have to take permission from both the first and the second lender. Both of them need to approve the deed in lieu. However, in this situation both of your mortgages are with the same lender. Thus, if your lender gives their approval, you can go forward with the deed in lieu. But it seems that since the foreclosure process has already been started, your lender is unwilling to accept the deed in lieu. |
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DISH
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Post subject: up side mortage |
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| I OWE $445.000K DOLLARS ON MY HOME BUT IT IS ONLY WORTH ABOUT,MAYBE $310.OOOK.INTEREST ONLY IS 2800.00 A MONTH.WHAT SHOULD I DO. THERE IS JUST A FIRS MORTAGE ON THIS PROPERTY AND IM ONE MONTH LATE ON LOAN? :( :( |
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xprider007
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Post subject: Junior lien holder |
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Bought my home in Aug. 2009 from an investor who owned the second. The investor paid a sum of $$ to the first (US BANK) to stop US bank from foreclosing. As soon as US bank stopped the forclosure proceedings, the investor turned around and forclosed himself. This is when I bough the property. There was an extensive title search done and the title was clear and I do have a title policy. (this is a California property). There must have been some sort of back door deal as the prior owner went to jail while the wife continued to live in the house. Now, 5 months later I get a letter from the prior owners attourney claiming there is a lien in favor of US bank. My title company said they will only defend title if challenged. I guess they dont take the attourneys letter seriously or consider it a challenge. How can something this big be overlooked in the title search and chain of title. My title company doesnt seem to worried about it. I just want the lien released or else I will have a tough time when I try to sell. Are there special laws in CA. that gives the second this power ? Was there a possible DIL to the second ? I am trying to put this puzzle together. Any feedback or questions to my post is appreciated. Could the first somehow be forgiven and the bank just hasnt had time to straiten all the paperwork out ?
Brad |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi DISH,
If you want to save the property, then you should apply for a loan modification with your lender. If your request is accepted, then you would get a modified payment plan to pay off the loan. If you do not intend to save the property and want to get rid of it, then you should go for a deed in lieu.
Hi xprider,
You will have to first check out if there's a lien on the property. If there is a lien on it, then it needs to be paid off or else you won't be able to sell off the property. Moreover, as you are the owner of the property, the lien holder may ask you to pay it off.
If there is really a lien on the property, then you should contact the previous owner of the property and negotiate with him so that he pays it off.
Thanks |
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