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after deed and leou

Posted on: 15th Sep, 2008 09:59 am
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.
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
Posted on: 16th Sep, 2008 05:55 am
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.
Posted on: 30th Apr, 2009 05:18 pm
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
Posted on: 30th Apr, 2009 09:42 pm
Can you deed in lieu on aa rental property? If so can they come after your primary property?
Posted on: 31st Aug, 2009 06:47 pm
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
Posted on: 31st Aug, 2009 09:19 pm
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?
Posted on: 05th Dec, 2011 10:21 am
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.
Posted on: 19th Dec, 2011 01:15 am
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