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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 $113,00. We have had our house up for a short sale for a year now. We have had several potential buyers. Our 1st Lien holder has accepted offers, our second has demanded more and more money. Holding up the sales and causing us to loose several buyers. Now we are looking to do a DIL to the 1st. We were told because we had tried to sale the home that we would qualify to be able to request this action. I told them the reason the sales had fallen thru was due to the 2nd. What will happen to the 2nd if we do the DIL and the 1st accepts it. Can the 2nd still come after us? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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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: 1422
Location: Florida
168.75 Dollars($)
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Hi Shelda,
| Quote: | | I bought investments property and could not sell it. After 2 years I let it go......Its been about a year |
You mean your investment property was foreclosed and it's been about a year since the foreclosure, am I correct? If it's just been a year after the foreclosure, you will have to wait for at least another year to qualify for a new FHA loan. If you wish to take a conventional loan, you will have to wait for another 2-3 years. Nevertheless, much depends on your credit scores. You may not have to wait for long for a loan, in case you have rebuilt your credit since the time of the foreclosure. |
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cupplesjonathan71
Joined: 04 Nov 2009
Posts: 16
2.61 Dollars($)
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Post subject: |
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| it all depends upon your credit score. for FHA, it should be min 620 |
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