Posted on: 20th Jul, 2007 10:46 pm
I bought my condo over a year ago. The property value has dropped about $10,000.. It's becoming very hard to keep up with the payments.. although I have no lates recorded since the purchase, I wish to petition for a deed in lue of foreclosore. I listed it for sale but buyer cancelled, leaving me again with this huge debt. I was supposed to pay $30K+ from my own pocket! I am really desperate.. maybe the process of a deed in lue of foreclosre would be less costly...??? I am to the point where I can't breath... how many lates do I have to have in order to petition for this? can I petition even though I have no lates.. I can't afford it anymore! HELP!
IF YOU ARE LOOKING FOR A DEED IN LIEU YOU WILL HAVE TO BE BEHIND OTHER WISE THE LENDER WILL NOT SEE THAT YOU ARE IN A DISTRESSED SITUATION AND THAT YOU JUST DON'T WANT THE HOUSE ANYMORE. THERE HAS TO BE A VALID REASON TO GIVE THE HOUSE BACK AND IF A LOAN MODIFICATION ISN'T GOING TO HELP YOU AND YOU DO NOT WANT THE HOME AND YOU CANNOT SELL IT, THE LENDER MAY BE NOT SO WILLING TO TAKE THE HOUSE BACK. DEED IN LIEU'S ARE A LAST RESORT NOT A WAY TO GET OUT OF AN OBLIGATION. UNFORTUNATELY, YOU ARE DOING THE RIGHT THING BY STATING TO THE LENDER YOU ARE STRUGGLING HOWEVER, THEY MAY NOT SEE IT THAT WAY. LOOK AT THE HAFA HOME AFFORDABLE FORECLOSURE ALTERNATIVE THERE MAYBE A WAY FOR YOU TO DO A DEED IN LIEU THROUGH THE GOVERNMENT PROGRAM. GOOD LUCK!
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