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after deed and leou

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Icon Mini Profile brendajjjuhl





Joined: 15 Sep 2008

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Post Posted: Mon Sep 15, 2008 9:59 am    Post subject: after deed and leou
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After the deed and lou is signed and mortage comp say's it's been satisfied.We transfered the house to the mortage comp name.The mortage comp say's a deed and lou would be better for us and our credit.
When can we think about getting another mortgage to build our house.
Icon Mini Profile sara
sara
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Joined: 05 Jul 2006

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Location: New Brunswick, New Jersey
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Post Posted: Tue Sep 16, 2008 5:55 am    Post subject:
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Hi brendajjjuhl,

It will take some time at least before you can rebuild your credit and look for another mortgage to buy again. Did the lender speak about deficiency payment, if any? usually they don't ask for it if a borrower opts for a deed in lieu.

Take a look at how deed in lieu affects credit.

Take Care

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patriciawinston

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Post Posted: Thu Apr 30, 2009 5:18 pm    Post subject: deed in lieu
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my husband and I are divorce and the house we live in is facing foreclosure. we have a second lean on the home. I am trying to move on, but I feel stuck in this house and feel like I have no choice but to walk away. I do not want the home and can not afford the payments or maintainance of the home.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

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Location: Alaska
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Post Posted: Thu Apr 30, 2009 9:42 pm    Post subject:
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Hi patriciawinston!

Welcome to the forums!

If you walk away from the property, then the lender will foreclose it. As you are unable to make the payments, I would suggest you to apply for a deed in lieu and sell off the property. If you go for a deed in lieu, you'll not have to pay the deficient amount.

Feel free to ask if you have further queries.

Sussane
bill@4

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Post Posted: Mon Aug 31, 2009 6:47 pm    Post subject: deed in lieu
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Can you deed in lieu on aa rental property? If so can they come after your primary property?
Icon Mini Profile jameshogg
jameshogg




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Post Posted: Mon Aug 31, 2009 9:19 pm    Post subject:
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Hi bill,

A deed in lieu of foreclosure is possible for a rental property. But as far as I know, in such a case, the deficient amount may not be forgiven by the lender. When you apply for a deed in lieu of foreclosure, you should check out if the lender would forgive your deficient amount. If the lender forgives your deficient amount, then they won't come after your primary house. However, if your lender does not forgives the deficient amount and if you're unable to pay it off, then the lender may place a lien on your primary property.

Thanks
Anais Gillis

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Post Posted: Mon Dec 05, 2011 11:21 am    Post subject: Deed in Lieu Affecting Tenants
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My tenants have a lease until March 15th and my property is in foreclosure.
If I opt for the Deed in Lieu, do the tenants maintain the right to reside there until the 15th of March?
Icon Mini Profile adonis
adonis




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Post Posted: Mon Dec 19, 2011 2:15 am    Post subject:
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Welcome Anais,

Your tenants will have to make the rent payments to the lender in order to stay in that property. Moreover, it will be the discretion of the lender whether or not he will allow the tenant to stay in that property.

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