Posted on: 26th Jun, 2008 08:38 am
Long story short: We have a house in PA that's been on the market for over a year, and have been living in FL for about 10 months. Tried short sale with the one offer we had, but 2nd mortgage company (Citi) dragged it out and buyers lost interest. Now trying for the Deed-in-Lieu with Chase, the 1st mortgagee, as we have not been able to make payments for over 4 months.
My question is: Has anyone had any experience dealing with Chase on a Deed-in-Lieu? I found Citi to be difficult, slow, and demanding. Has anyone had Chase accept a DIL? How was the experience with them?
Thanks for any help.
Kim
My question is: Has anyone had any experience dealing with Chase on a Deed-in-Lieu? I found Citi to be difficult, slow, and demanding. Has anyone had Chase accept a DIL? How was the experience with them?
Thanks for any help.
Kim
citi was the second mortgage holder so im going out on a limb and saying that they stalled on purpose....
Hello Kim,
Most lenders will not accept a Deed in Lieu if there is a 2nd mortgage. Usually because that other lien holder will not release the lien without receiving payment for the debt. There are also several requirements to meet before you can offer DIL of which include: that you are not eligible for any other options, that a foreclosure is eminent, and that you are unable to sell your property.
Also keep in mind that a DIL is more harmful to your credit.
Negotiating any options with any lender is time consuming. Don't give up on your short sale option. If you have not done so, please get a realtor who is very, very experienced in short sales. And also be sure to keep communicating with your lenders.
Please let us know if you have any other questions. And you may visit home-buddies.com to view the free step by step guide for mortgage problems.
Most lenders will not accept a Deed in Lieu if there is a 2nd mortgage. Usually because that other lien holder will not release the lien without receiving payment for the debt. There are also several requirements to meet before you can offer DIL of which include: that you are not eligible for any other options, that a foreclosure is eminent, and that you are unable to sell your property.
Also keep in mind that a DIL is more harmful to your credit.
Negotiating any options with any lender is time consuming. Don't give up on your short sale option. If you have not done so, please get a realtor who is very, very experienced in short sales. And also be sure to keep communicating with your lenders.
Please let us know if you have any other questions. And you may visit home-buddies.com to view the free step by step guide for mortgage problems.
kim,
i shall go by what cliff says here. second mortgage lenders hardly accept a dil as because they'll have to pay the first loan balance to the first lien holder.
since short sale didn't work for you and dil is hardly a possibility, therefore why don't you opt for something that can help you keep the home. say for example, a loan modification or a repayment plan? did you talk to chase about it? or may be a refinance on any one of the loans especially the first with a cash out option. what do you think? will you be able to afford a refinance?
i shall go by what cliff says here. second mortgage lenders hardly accept a dil as because they'll have to pay the first loan balance to the first lien holder.
since short sale didn't work for you and dil is hardly a possibility, therefore why don't you opt for something that can help you keep the home. say for example, a loan modification or a repayment plan? did you talk to chase about it? or may be a refinance on any one of the loans especially the first with a cash out option. what do you think? will you be able to afford a refinance?
Cliff: Foreclosure is imminent--they are actually already starting proceedings now. Short sale would be a great option, IF there was actually a buyer! There has ONLY been 1 offer on the house, and they backed out after time consuming approval.
Samantha: We DON'T want to keep the house. It is VACANT. We are in Florida, the house is in Pennsylvania. So if Chase does NOT accept the DIL, then we are letting it go into Foreclosure, as I cannot keep paying on two households. Our credit is already crap at this point, and we don't have a choice. Oh, and we are not talking to the 2nd mortgage holder for the DIL, but the 1st. Chase=1st mortgage Citi=2nd mortgage
Under these circumstances, what is the likelihood of Chase accepting?
Thanks,
Kim
Samantha: We DON'T want to keep the house. It is VACANT. We are in Florida, the house is in Pennsylvania. So if Chase does NOT accept the DIL, then we are letting it go into Foreclosure, as I cannot keep paying on two households. Our credit is already crap at this point, and we don't have a choice. Oh, and we are not talking to the 2nd mortgage holder for the DIL, but the 1st. Chase=1st mortgage Citi=2nd mortgage
Under these circumstances, what is the likelihood of Chase accepting?
Thanks,
Kim
kim,
If you cant find a realtor who is experienced in short sales then find out the nearest chapter of your local reia (real estate investors association). im a member if NYREIA (new york...) and we have monthly meetings on short sales and we even have investors that buy them right at the meetings. PLEASE SEEK OUT YOUR LOCAL REIA CHAPTER. if you live in new jersey then google New Jersey Real estate investors association etc etc. you will find some pretty experieced people that i would be dumbstruck if they failed to help b/c they make money by helping YOU. give it a shot and good luck.
If you cant find a realtor who is experienced in short sales then find out the nearest chapter of your local reia (real estate investors association). im a member if NYREIA (new york...) and we have monthly meetings on short sales and we even have investors that buy them right at the meetings. PLEASE SEEK OUT YOUR LOCAL REIA CHAPTER. if you live in new jersey then google New Jersey Real estate investors association etc etc. you will find some pretty experieced people that i would be dumbstruck if they failed to help b/c they make money by helping YOU. give it a shot and good luck.
PS. they can also work with the bank to stall that foreclosure. 9 times out of 10 they will be cash investors and can prove to the bank that they have liquidity to buy your home (if its a short sale/ good deal) they will help
woops, buy your home cash (time is a factor to the bank so cash deals they love..)