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Deed in lieu

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awalker2583 Joined: 26 May 2010 Posts: 2 1.00 Dollars($)	Posted: Wed May 26, 2010 3:23 pm    Post subject: Deed in lieu Like 0 Dislike 0 Do most banks allow this type of thing to happen? What is the catch... aren't they going to come after any other property you may have with a spouse if your name is on it? Should the borrower have their name removed from any other property prior to doing a deed inlieu or short sale? Do u have to be behind on payments or can you state that soon you will no longer be able to make payments w/o actually messing up by not paying?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed May 26, 2010 8:43 pm    Post subject: Like 0 Dislike 0 Welcome awalker, Lenders will want you to default your payments before they accept your request for a deed in lieu or a short sale. In case of a short sale, the lender will be able to come after you for the deficient balance resulting from the sale of the property. If you are unable to pay it off, then the lender can place a lien on your other properties. As far as a deed in lieu is concerned, the lender will forgive the dues and you won't have to pay it. _________________ Procrastination is the enemy of your financial success
awalker2583 Joined: 26 May 2010 Posts: 2 1.00 Dollars($)	Posted: Thu Jun 03, 2010 4:33 pm    Post subject: Deed in lieu Like 0 Dislike 0 Great advice! Well the fact of the matter is my parents are on my title, the loan in my mothers name but they have a home they owe $40 thousand on in just thier name. We have a home in my mother & my name that is free & clear of any debt & then there is my home ( the one we want to unload) which I owe $150 on here in Florida (it is now worth $101,000). If my mother is the one on the loan but my father & I on the title is it legal to take her name off all free & clear property (as in the titles on the other homes) & the file for deed in lieu? The plan is for them to save the house that is owned debt free & them move in there leaving me to take over thier $40 thousand loan on the home they are moving out of. People keep telling me to short sale but we do not want to lose the free & clear nothing owed home since we plan to use it for living in! Can't we remove her name from all titles besides the current home they live in that is OWED $40,000 on? We are going house broke here in short sale county of Pinellas. We keep hearing we are stuck! PLEASE ADVISE!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jun 03, 2010 10:32 pm    Post subject: Like 0 Dislike 0 Hi awalker! Welcome to forums! You can remove your mother from the deed of all the properties. She can sign a quit claim deed and transfer the property to you and your father. However, before signing the property deeds, your mother should contact an attorney and take his opinion in this matter. Many a times, transfer of property just before the foreclosure can be considered as fraudulent. Feel free to ask if you've further queries. Sussane

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