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 bcumsille
Joined: 06 Aug 2008
Posts: 2
1.81 Dollars($)
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 Posted: Wed Aug 06, 2008 8:53 am Post subject: dee-in liu |
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I want to sale my house but my wife does not
I do not want the house anymore because I can not make payments by my self.
She in in the title, and I am on the loan and the title
My questions: Can I apply for a Dee-in Lieu although she is not consenting.
I am not behind on payment, do I need to be behind in order
to apply for Deed in Liu?
Do I should wait? How long?
I live in NJ
Thank you
Bernardo |
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laphillips
Community Experts
Joined: 10 May 2008
Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
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| Posted: Wed Aug 06, 2008 10:12 am Post subject: dee-in liu |
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Hello bcumsille,
Would you want to stay in the house if the payments were affordable? Have the payments become too much to handle because of an increase in the payments or has a hardship of some kind (job loss, illness, etc.) been the problem?
It is up to the lender whether they will accept a deed-in-lieu? Have you contacted your lender & discussed your situation? Find out how they might be willing to work with you.
You want to avoid derogatory information appearing on your credit report especially the bank taking the house back by any means including a deed-in-lieu. There may be other options available.
You owe it to yourself to check them out
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.** |
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bcumsille
Joined: 06 Aug 2008
Posts: 2
1.81 Dollars($)
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| Posted: Wed Aug 06, 2008 11:39 am Post subject: mortgage |
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Hello Lynnette
Thank for your reply
I have not contact the lender yet, and I do not know inn what terms they can help me. The button line i do not want to keep this house for my self
to much hassle. But yo have not answer my questions yet.
Do I need my wife to sign in order to apply for deed-in-lieu beacuse she in the deed. Even if the lender change ther terms of the loan or make other arrangements I still can not afford it, what is the best way to get away, or maybe I need to get the divorce papers in order to procedure?
The thing is that I work for Citibank and who bought out the previous bank that I used to work with. They eventually going to do dowsizing and I afraid to loose my Job.
Thank you
Bernardo |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 732
Location: OHIO
134.86 Dollars($)
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| Posted: Thu Aug 07, 2008 6:09 am Post subject: RE: apply for deed in lieu without spouse consent |
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Hi Bernardo,
Welcome to our community forums.
| Quote: | | Do I need my wife to sign in order to apply for deed-in-lieu |
yes, I think you need to take your wife's consent before applying for deed-in-lieu which is all about handling over your property to the lender. So, if your spouse is on the title, I think taking her consent is important.
| Quote: | | I am not behind on payment, do I need to be behind in order |
Ideally, lenders won't agree for a workout plan until you're behind on loan for 2-3 months. But you can still try and negotiate for a workout plan such as deed-in-lieu.
By the way, if your wife is not willing to sell the house, you can consider filing a Partition Lawsuit if it's applicable in your state. But even if you do so, the sale proceeds should be used to pay off the mortgage. You need to contact an attorney to help you with the legal formalities.
Regards,
Jessica
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