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deed in lieu

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donnaattuscany Joined: 12 Jul 2010 Posts: 4 1.60 Dollars($)	Posted: Tue Aug 10, 2010 6:25 pm    Post subject: deed in lieu Like 0 Dislike 0 it has been almost 3 months and freddy mac is still reviewing my deed in lieu to see if they are going to accept it. my negotiatore from owbank says it is in freddy macs hands. they have alrready established clear title and a bpo . How long will this take. freddy mac wont answer me and loss mitigation wont either and the place is in forclosure . I am told there is no time limit.
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Tue Aug 10, 2010 9:28 pm    Post subject: Like 0 Dislike 0 Hi donnaattuscany, It is true that it is completely in the hands of Freddie Mac as to whether or not they would accept your request for a deed in lieu of foreclosure. It will take some time for them to look into the various aspects. Thus, you'll have to be patient and wait for sometime. Thanks
Hoopde Guest	Posted: Wed Aug 11, 2010 6:27 am    Post subject: Deed in lieu Like 0 Dislike 0 I realize that but how long ie one month or 3 months or 6 months or 1 year? How long do these things generally take?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Aug 11, 2010 10:17 pm    Post subject: Like 0 Dislike 0 Hi Hoopde! Welcome to forums! Normally, it takes around 90 days to complete the process of deed in lieu of foreclosure. Sussane
hoopde Guest	Posted: Thu Aug 12, 2010 10:05 pm    Post subject: i got it Like 0 Dislike 0 I was just told by my negitator that I need to respond . That the deed in lieu has just been approved but Iwill have to sign a note for $30,000 cash or $50,000 without interest over 15 years. I have a 215,000 mortgate . what should i do and what should they include in it. It is an investmetn property.I have debt up to gazoo from another short sale and home equity line of credit from the short sale both whom are looking to collect. I can ask them to give me the 30,000 non interest instead of paying them because I dont have any 30,000. I cannt even pay my home equity line of credit left over from the short sale of 100 dollars a month . I was told that a deed in lieu they dont ask you for any money but I guess because it is an investment they do??? whatever you can answer in the above or give me advise on please do.
hoopde Guest	Posted: Thu Aug 12, 2010 10:08 pm    Post subject: deed in lieu Like 0 Dislike 0 After they ask you to respond to their offer how long does it take to process and what is the process. Do they have to see the home again ..it is a long way away frm my home wher I live now.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Aug 12, 2010 11:23 pm    Post subject: Like 0 Dislike 0 Welcome hoopde, It is true that as yours is an investment property, the lender may be able to come after you for the balance amount which results from the sale of the property. I would suggest you to contact your lender and let him know about your financial situation. You should negotiate with your lender so that he forgives the dues and you won't have to pay the balance amount. If he considers your request, then you won't be liable to pay anything after the sale. As Sussane has stated, it would take 90 days to complete the whole process. To know the whole process, check out the link given in Sussane's post. _________________ Procrastination is the enemy of your financial success

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