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My wife and I along w/another couple bought a 2 family with an agreement that one resident would buy the property in one year, he defaulted and left us with a ton of damage and bills. Long story short we ended up doing a deed in lieu on the property. Our wives were the primary lendees on the mortgage as a result we are seeing a major hit on her credit score taking it down to a 660 or so. Lenders can't use her on a loan if we want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] or anything because they say the hit disqualifies her. We did not enter this deal to go into the hole, we worked real hard for many years to keep our credit very very good and this one property seems to have wrecked us, we don't have a ton of money, we work hard and have a small home of our own that we would like to refinance, I am getting no's from lenders. I really need some help and I feel hopeless at this point. I just don't want to see all that my wife and I are working for shot because of one bad deal that we only entered into because one tenant wanted to buy the place and take care of it and then we got stuck with it. It took thousands out of our pockets before the deed in lieu. As I said other than that we have had excellent credit, mine is over 740-750. Please offer any advice, it is truly truly appeciated. I feel that we are good hard working people and we just don't want to feel hopeless.thank you so much, Matt Long

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does a "[url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]" on a Reverse Mtg. have any effect on your credit score?

Like | Dislike | Share | Posted: Mon, 10/29/2012 - 14:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

After 6 Months trying to short sale my house that I do not currently live in Short Sale Fell Through I can't wait any longer. Had to move for job.I am current on the loan although it has been vacant for 6 months and My family and I are currently leasing a house. My credit score is 820. BOA says I can do the Deed In Lieu. I have an 80/20 Split loan. I live in Houston Tx. Will the Deed In Lieu cover both the loans? Should I stay current on my loan's through out the process since late pays affect your credit too?

Like | Dislike | Share | Posted: Fri, 03/15/2013 - 16:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm considering a deed in lieu - I have a VA loan, my home since purchase has plunged 80K and at 57 years old, will never recoup my loss - I have no equity in the house and wanting to relocate, as well, thinking retirement in the next 5 to 7 years - what to do????

Like | Dislike | Share | Posted: Thu, 08/30/2012 - 13:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have to deed in lieu our house due to relocation. We want to get another house instead of renting. We have a cosigner with excellent credit. AIs this possiable??

Like | Dislike | Share | Posted: Fri, 08/31/2012 - 11:38 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chris,

Immediately after a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url], you may not be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] though you have a cosigner with excellent credit. Nevertheless, you can still contact the local lenders and apply for a loan and find out whether or not they can help you in this matter.

Thanks

Like | Dislike | Share | Posted: Mon, 09/03/2012 - 00:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are moving out of state for a job. We are purchasing a new home from the previous owners who are going to finance us for 2 yrs then at that point we are to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with a bank and move the loan over. The paperwork is made out such that the bank siad it would be an easy refinance and we wouldn't have to put any more money down in the house in 2 yrs or sooner whenever we get the credit up 20 pts. The problem is are credit needs to come up 20 pts before the bank would finance us and we need to move now. Are issue is this we are trying to rent are current house but so far no luck . Bo point trying to sell at what we owe in the loan its not worth that much. If we do a short sale or foreclosure or deed in lie would we be able to refinance in 2 yrs with a bank ? We are behind on payment 7 mths and have been given a chance to do a modification but have not accepted yet as we may try and do a short sake etc instead . Thanks

Like | Dislike | Share | Posted: Tue, 04/02/2013 - 21:15 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what are the time be for foreclosure,,,in texas,,wells fargo???

Like | Dislike | Share | Posted: Mon, 03/26/2012 - 11:34 | Post subject:

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smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cl!

Welcome to forums!

Keeping in mind the timing of the various required notices, it usually takes approximately 60 days to complete an uncontested non-judicial foreclosure.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 03/26/2012 - 23:54 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi have a property that I sold to a friend. The buyer put down 30% and I carried the first deed of trust and note for 5 years. After the second year the buyer can not make the payments and wants to do a deed of lieu of foreclosure to revert the property back to me. I do not want to ruin my friends credit rating. Do I have to report to the credit reporting services since I am the note and first deed of trust holder?

Like | Dislike | Share | Posted: Sun, 12/25/2011 - 09:23 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I recently applied for with my mortgage company to do a short sale. I have a buyer who is currently living in my house. they have been paying rent now for 2 months and really love the house. The loan company has drug their feet on giving my realtor the ok to do the short sale. I am very concerned that i will end up losing these excellent buyers if they dont get an answer soon. is their anything i can do to speed up the short sale process. We even got the buyer to kick in $2000.00 more....would appreciate any help you could give me. :?:

Like | Dislike | Share | Posted: Sat, 04/21/2012 - 06:16 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sjstoy,

You should have to be in constant touch with the lender and try to convince him to give his permission for a short sale asap. Apart from that, I don't think there is anything else that you can do.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 04/26/2012 - 03:45 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi richardm,

A deed in lieu of foreclosure will have negative impact on the credit of the person who has taken out the loan.

Thanks

Like | Dislike | Share | Posted: Tue, 10/30/2012 - 22:09 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went through chap 7 bankruptcy in 2008.We opted to keep the house out of the the bankruptcy. I never missed a payment on the house, and the bank never reafirmed the home loan. After paying the loan for the next 3 months after the discharge, we decided to walk away, leaving the home as part of the bankruptcy because it was never reafirmed.
It is now 3 1/2 years later and we are trying to qualify for an FHA loan. County records still have me listed as the owner of the house as per florida law. In order to have my name removed from the records the house has to forclouse. Chase is involved in robo signing,and after 3 years of trying to forclouse on the home, the entire prosses was halted and not restartedas yet. In order to remove my name from the county records, i requested the deed in lieu of forclouser option. it has not been completed as yet, and i beleive it can be canceled.
Will this deed in liew of forclosure remove my name and put the house in their name on the county records since the bank will have the deeded ownership of the home?
Also will my credit score be affected with the D.I.L.F. My credit score dropped to 696 after the bankruptcy from 725.I never missed a payment on the loan from 2005 when purchased untill we walked away.the are no negitive reports at all on the loan other then listing it as beeing included in the bankruptcy. :?:

Like | Dislike | Share | Posted: Fri, 05/18/2012 - 12:39 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi RICH S,

First and foremost, you stated that you did not include the house in bankruptcy filing. So, the mortgage won't get discharged. You are personally liable for the mortgage. You can apply for a deed in lieu of foreclosure and try to get rid of the house. But you won't be able to qualify for a new loan soon. You will have to wait for 3-4 years in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Thanks

Like | Dislike | Share | Posted: Mon, 05/21/2012 - 01:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I entered a deed in lieu with my mortgage service company back in 2010 and the govt forgave the debt last year, sending me the info for my taxes. However, the mortgage amount is still showing up as part of my debt ratio. Is that more of a negative affect than having the deed in lieu on my report? I know you say my credit score will drop 250 pts but the debt ratio is so high I'm not sure that's much worse.

Like | Dislike | Share | Posted: Thu, 05/24/2012 - 10:07 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Vickie,

If the deed in lieu of foreclosure is complete and if the deficient balance has been forgiven by the lender, then it shouldn't be calculated as a part of your debt ratio.

Thanks

Like | Dislike | Share | Posted: Thu, 05/24/2012 - 23:45 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shawn,

If both the loans are with the same lender, then you can sign an agreement with the lender stating that the deed in lieu will include both the loans. There are high chances that in order to get the deed in lieu approved, you may have to be late on your payments. Also, it should be noted here that a deed in lieu will lower your scores by around 250 points.

Thanks

Like | Dislike | Share | Posted: Mon, 03/18/2013 - 00:31 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We started deed in lieu paperwork 4 years ago, and have just gotten the word this week it will be finalized in the next month. Our credit reports for both myself and my husband report a " Foreclosure" and have for two years. Will we have to wait another two years before thinking of purchasing a house, and will this be on our credit for a grand total of 9 years instead of the actual 7 years. We had to repeat paperwork 4 times with the company, who has been notorious for their handling of their mortgages the past few years and I do not think this penalty is fair when we began this process in 2009. Any advise is appreciated!

Like | Dislike | Share | Posted: Sun, 06/02/2013 - 08:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Three yrs ago, we did a DIL. It took frm Jan-May 2009. Now, we find that Regions bank has listed us as delinquent for six months, from Jan to July. #1: HOW CAN THEY LIST US AS DELINQUENT DURING DIL PROCESS DONE WITH ATTY & BANK . THEY TOOK THE KEYS BACK IN MAY AND ARE LISTING US AS DELINQUENT FOR JUNE,JULY WHEN WE DIDN'T EVEN OWN THE CONDO? THE BANK OWNED IT.

#2 HOW CAN WE GET THESE SIX MONTHS DELINQUENT OFF OUR CREDIT SCORE? ALSO, WITH CREDIT SCORE OF 703, CAN WE STILL REFI WITH THE BAD DEBT ON OUR CREDIT SCORES?

Like | Dislike | Share | Posted: Tue, 06/26/2012 - 14:59 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ABBYSHERLOCK,

Your query has been replied to in the given page: http://www.mortgagefit.com/Rebuilding-credit/How-dO-I-get-delinquent-pay...

Take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Tue, 06/26/2012 - 23:57 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tom,

If you're already delinquent on your mortgage payments, then you can contact your lender and apply for a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]. The lender will check your financial situation and let you know whether or not you will qualify for it.

Like | Dislike | Share | Posted: Thu, 08/30/2012 - 23:57 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Once the deed in lieu of foreclosure is complete, it can be reported to your credit report and will stay in the credit report for 7 years. However, you should ask the lender to remove the existing "foreclosure" from your credit report.

Like | Dislike | Share | Posted: Sun, 06/02/2013 - 22:11 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed bankruptcy last year along with forclosure of my home. I owned it for 10 years and had a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] for 3. The debt from that is what kept me from being able to keep my home. The bank contacted me with an offer of deed in leiu and 3000 dollars to relocate instead of having the forclosure on my record. My lawyer said that I couldn stay in my home until there was a sale on it so that would give my husband and I enough time to save money and find something else and hopefully be closer to buying a home again. My husband doesnt really have any credit but he wasnt involved in the bankruptcy so I'm hoping that will help us. My question is at this point does it matter if it's forclosure or deed in leiu on my credit report?

Like | Dislike | Share | Posted: Sun, 12/02/2012 - 18:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tim,

If you wish to buy a home with a mortgage in future, then you need to compile proofs of your income, assets, debts that you have paid off and you will be currently paying for.

Refer to http://www.mortgagefit.com/preapproval.html for more details on the paperwork that can help you to buy the home of your choice.

Hope that helps

Like | Dislike | Share | Posted: Sun, 09/24/2006 - 11:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm retired military and have relocated to a location that offered me and my wife employment. We bought a home in an area that at the time had no housing at all so we bought a manufactured home and placed it on a lot. I was transfred to this location in 1997 by the Army. Iwas transfered out after 4 years. The home was then rented and occupied until june of 2006. At this time we put the home up for sale. We had a buyer that signed a contract, to buy, but rented it until she could get financing. This person the was fired and backed out of the contract and move out of the united states. We place the home back on the market, but the town of 1200 people has had a drastic ecnomic decline and we can not find renters of anyone that can get financing for the home due to the fact that it is not on a perminate foundation. I am living in a home and the payment are always on time, I am looking at doing a deed in lieu of before the lender starts foreclosure proceedures. My wife and I have had a great payment history on the manufactured home but with little or no prospects to rent or sell we feel that we should give up the property. What kind of paperwork history should we compile to assist us in the event of possibly buying a new home in the future?

Like | Dislike | Share | Posted: Fri, 09/22/2006 - 14:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If the lender allows, deed in lieu will be much better option than a foreclosure. But it will also affect your credit score, though not as much as a foreclosure.

Tim

Like | Dislike | Share | Posted: Fri, 09/22/2006 - 15:59 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am speaking to an attorney in regards to a bankruptcy to surrender 2 condos that turned bad investment in the FL market. I am in the mortgage business and seen people recover from a bankruptcy far more quicker than a foreclosure. Granted both do stay on the report for 7 years and both are looked upon for 24 months from filing date, but lenders can't come after you for the defiency balance. My question is though in reading about the [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] does it affect your credit if you have never been late on the mortgage before since the mortgage is immediately setteled with the mortgage company? I'm a liitle confused, but this might be a better option for me to look into. I'm certainly not trying to get out of all my debts, but the condos I have are killing me financially!

Like | Dislike | Share | Posted: Thu, 10/11/2007 - 10:53 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[size=9:3c86041f52][color=Red:3c86041f52][System detected it as duplicate content. Converted it into an image][/color:3c86041f52][/size:3c86041f52]

Like | Dislike | Share | Posted: Thu, 10/11/2007 - 11:20 | Post subject:

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jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Sammy,

A deed in lieu has negative effects on your credit but it is less than that of a foreclosure.

In order to be eligible for deed in lieu, you need to have some late payments. Your lender might also ask you to go for short sale if you haven't tried to sell your property before filing deed in lieu.

Like | Dislike | Share | Posted: Sat, 10/13/2007 - 00:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How many points does your credit score drop if you have a deed in lieu?

Like | Dislike | Share | Posted: Tue, 11/06/2007 - 10:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Deed in lieu may lower your credit score by about 50-100 points.

Like | Dislike | Share | Posted: Wed, 11/07/2007 - 01:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I have to make a quick decision in regards to either proceed with a Deed of Lieu or a Short Sale. But I'm not sure what is my best option. I've already contacted a real estate agent to proceed with a short sale but was declined as my mortgage company went out of business and was purchased by another company. My current mortgage company has confirmed that they are willing to hear any offer's that we may have. But I am unsure which has a more negative effect on my credit score a Deed of Lieu or a Short Sale. I heard that with a short sale the effect can stay on your credit for only 7 months. Is this true? If so, how long does a Deed of Lieu last on your credit>

Like | Dislike | Share | Posted: Wed, 12/05/2007 - 15:37 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Melissa,

Welcome to this forum.

Short Sale is far better than Deed in lieu of foreclosure and has lesser negative effects on your credit report. DIL and Short Sale both stays on your credit report for almost 7 years but DIL will drop your credit more than 100 points whereas Short Sale will drop your credit score only around 50 points and you can be approve for another loan after 18 months.

Thanks,
Larry

Like | Dislike | Share | Posted: Wed, 12/05/2007 - 16:15 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Melissa,

There is another factor that should be considered. In case of a deed in lieu of foreclosure, the lender cannot seek a deficiency judgment but he might do that if you are going for a short sale, unless your state has anti-deficiency laws.

Like | Dislike | Share | Posted: Thu, 12/06/2007 - 02:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am a senior and on a low income i have a disabled son who lives with me. my husband passed away five years ago and the home we bought twenty years ago is in need of major foundation repairs i have excellent credit but cannot afford the repairs needed on the property. i have contacted the mortgage company and they suggested a deed in lieu but this was two months ago. what will this do to my credit if i do the deed in lieu.

Like | Dislike | Share | Posted: Thu, 01/17/2008 - 09:59 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Renna,

Welcome to the forum.

Is it a mortgaged property? Why do you want to do deed in lieu? Are you late on your mortgage payments?

As you have said "the home we bought twenty years ago" I think there is good enough equity in your property. So why don't you consider Reverse mortgage? If you want you can get a lump some money at a single time for the repair works and to meet you other needs or you can take the money on a monthly basis.

If you want to know more about reverse mortgage, you can check this article out on reverse mortgage - http://www.mortgagefit.com/reverse.html

Hope this will help you :)

Feel free to ask if you have any further questions.

Best of luck,
Larry

Like | Dislike | Share | Posted: Thu, 01/17/2008 - 11:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My company recently went through some restructuring and In turn this cost me a great amount of financial problems. We had relocated to a new area and within a year my pay was dropped 10,000.00. Needless to say this was the end of last year and also the time when the housing market was starting to plummett. We did get renters that were interested in renting our house however, they were always late and we eventually had to evict them. Now we are in a situation where because of the market dropping on housing my house no longer appraises for what it was worth 17months ago and I can't find anyone to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] our house because of what I owe and where the appraisal comes in at. We are in a bad situation and are considering giving our house back. Also I took another position along the same line of work and have transfered out of the area. What would be the best thing for us to do as we have always had good credit and this would be the first time anything like this would come against our credit. We are currently working with a realtor trying to do a short sell on our house but are finding quite a bit of resistance when trying to get info from our mortgage company. Any advice?

Like | Dislike | Share | Posted: Tue, 03/04/2008 - 15:31 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ken,

Welcome to the forum.

It is good that you are at least trying to pay off the mortgage company through the process of short sell. I think you should contact with you mortgage company directly and consult with them about you problem and check out what are the options you can afford.

I think you can try out something like forbearance or loan modification to [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url]. Check out this article to know more options at http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Hope that helps you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Like | Dislike | Share | Posted: Tue, 03/04/2008 - 15:48 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Try calling Sterling Asset and Equity Corp., Joe 561-330-0400

Like | Dislike | Share | Posted: Fri, 05/09/2008 - 15:14 | Post subject:

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Ken,

Doing a short sale is a good option if you know longer want to keep the house. However, you may want to ask your realtor how many short sales she has done. VERY FEW REALTORS KNOW HOW TO "REALLY" APPROACH A SHORT SALE. If your realtor has not done at least 20 short sales I would find one who has.

If you want to keep the house then contacting your lenders "[url=http://www.mortgagefit.com/loss-mitigation.html]loss mitigation[/url]" department would be the smart thing to do. Just make sure that you talk to the "loss mitigation" department.

Like | Dislike | Share | Posted: Fri, 05/09/2008 - 16:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As an invester I entered into a trust deed sale & leaseback agreement whereby I purchased 2 condos putting $50k down on each. I used 1031 exchange money. The company I entered into the agreement with is suspending making payments which leaves me with 2 payments of $1000 each which I cannot make to the lender. The properties originally purchased for $188 k each are now worth about $125-$140 K . Any thoughts as to what I should do ??

Like | Dislike | Share | Posted: Mon, 12/08/2008 - 11:37 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jmianecki

You have mentioned that the company suspending payments have entered into an agreement with you. First and foremost if they are breaking the agreement, you can sue them.

As you are unable to make the payments, you should immediately contact the lender and check if he can offer you any help. In case you keep on defaulting on the payments, the lender will have the right to foreclose the property.

Thanks.

Like | Dislike | Share | Posted: Tue, 12/09/2008 - 03:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What if you were never late on the property, but the bank agreed to the deed in lieu. Does it still affect your credit score?

Thanks Dave

Like | Dislike | Share | Posted: Fri, 12/26/2008 - 13:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How long will it remain on the credit report-----

Like | Dislike | Share | Posted: Sun, 12/28/2008 - 11:36 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Dave,

Yes, though you were never late on the payments but still the bank has accepted a deed in lieu, you credit score will still be affected.

To Lloyd,

As far as I know, a deed in lieu foreclosure will remain on your credit report for 4 years.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Sun, 12/28/2008 - 22:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we are using a company to assist us with this process and so far they have proven trustworthy and helpful. i will update as we go through this, it should be about 6 months..

just google, walkawayplan

Like | Dislike | Share | Posted: Fri, 01/09/2009 - 11:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

After a foreclosure how long can you wait to buy another house?

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 03:30 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rose,

A foreclosure remains on your credit report for at least 5 years from completion date. Within these 5 years, lenders will not be ready to give you loan. Additionally between 5 and 7 years, you can only purchase a personal residence but will have to pay at least 10% down. After 7 years you will get normal rates and terms.

Like | Dislike | Share | Posted: Fri, 01/16/2009 - 00:40 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and i are in the construction business and as we know thats not doing so great. We decided to put the house on the market. My realtor thinks we should list it for $224,000 but there is a house 2 doors down that sold for $203,000 4 months ago and also another house with the same floorplan that is listed for $209,000, We have no equity into the house since we got intrest only loan @ 8.7%. we purchased this house 2 yrs. ago for @213,000 we owe the same amount now! we can't [url=http://www.mortgagefit.com/refinance.html]refinance[/url] since my husband and i are selfemployed and show little income. my question is should i put it on the marketfor that amount ($224,000) or maybe try to do a short sale or ask for a deed of lieu or just walk away. If we do foreclose what are some of the consequences besides credit problems. can the lender come after us and garnish or wages? does the irs get involved? how we that affect our small business?

Like | Dislike | Share | Posted: Fri, 01/23/2009 - 22:40 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my deed in lieu was reported to experian 3 months ago and it is showing up on my credit report. the mortage went about 60 dys past due before the deed in lieu was recorded. This mortgage has two loans, one showed up as 'charge off' and the other showed up as 'deed in lieu'. yet, my experian score only dropped 40 points when all the info i got on these net forums tells me it will be 100-250points. should i expect my score to drop lower in the coming weeks and months? when can i be certain that the deed in lieu has fully impacted my score?

Like | Dislike | Share | Posted: Sun, 01/25/2009 - 07:23 | Post subject:

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