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Deed in lieu of foreclosure procedure?

I need to know how to start or the procedure of a [url=http://www.mortgagefit.com/deed-lieu.html]Deed in Lieu of Foreclosure[/url].
I have a home I am not living in, I have been trying to sell it for several months. I can no longer make the payments. I have been charging my credit cards. I have a first and second with the same lender. The total dept is what I have been trying to sell it for with no luck. I am going to have to foreclose, file bancruptcy, or something.
I have another home I am buying that I am living in and can continue to pay for that one. I need to get rid of the first house and it\'s debt.

Any HELP?
Thank you

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

Hi,

You can ask the lender, he can tell you the exact procedure.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Csaubrey,

You can read this article for more information about the actual procedure that is followed in deed in lieu of foreclosure.

Thanks
Colin

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Csaubrey,

The deed-in-lieu process may vary from one lender to another depending upon the laws in a particular state. For a general overview of the procees, go through a previous discussion on Steps in Deed-in-lieu.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

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

Here's the joke. My wife and I both have FICO scores over 850. Never been late on a payment on anything in 30 years. Had two slow years of work, burned through my savings on the house. The cheapest we could find in the market 5 years ago. First house. All lenders said no worries, rates will be great for years to [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. The year I got in I made over $160,000. Close to $200,000 combined. Combined both my wife and I make over 70,000 normally. Never went to Hawaii, all cars paid off, no cable TV. Need a bit of help and none of our creditors will even so much as let me skip one month payment to catch bills up. Joke is many of our friends who have been footing the bill for this country for 30 years are all scrambling for apartments. Well, I guess at least that way we'll have more in our pocket to keep bailing out the banks. We're walking from it all. Not worth the headaches. Quality of life is more important than a crappy house. The great American nightmare. Unless you are super wealthy or have help. Do the Deed in lieu. Short sale is nightmare.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

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

P.S. Out of all of our friends who have done short sales, Deed in Lieu, begged for (or paid) to get a modification and gone into foreclosure not one of them or myself has had the bank come back and say, ‘Hey don’t move. We’ll help you with a modification.’ Do you see any posts here referencing that? We have been trying to get a modification for 9 months. They string you along saying hey you forgot to check this box or dot that ‘i’ so they can squeeze every last cent out of you before the ship finally sinks. Do yourself a favor; find a nice apartment while your credit is still intact if it is and take care of your survival first because no one will be there to help when you are out on the street and homeless.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

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

Hi Ricky,

Lenders are often unwilling to modify loans to help borrowers stay current on the mortgage. Even the Home Affordable Modification Program has not been as successful as it was expected to be because of the reluctance of lenders to participate in the program. It is sad, but this is what the truth is. I think you're right in saying that you should better look for place to rent while your credit is good, rather than wait for your house to be foreclosed. There is no reason why you should keep struggling for a home that you know you will not be able to save in the long run. I think it will be better to rent an apartment and then go for a deed in lieu of foreclosure on the existing property.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

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