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!
Hi paige,
A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/quitclaim/owner-financing.html
Please take a look.
Thanks,
Jerry
A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/quitclaim/owner-financing.html
Please take a look.
Thanks,
Jerry
My bank has accepted to do a Deed in Lieu of and is starting paperwork, do I still have to make payments until it is finalized?
Hi Mikel,
If your bank has already accepted your deed in lieu, then I don't think you will have to make any further payments on the mortgage.
Thanks,
Jerry
If your bank has already accepted your deed in lieu, then I don't think you will have to make any further payments on the mortgage.
Thanks,
Jerry
Does the house have to be listed with a Real Estate company first or if you have the house listed will you more likely get the Deed in Lieu approved? Is Texas a deficiency state? If you cant get a buyer after trying to sale for a long time and youre 3 months behind in payments what is the better option?
I have problem please help! before I got married I purchased a home for me and my mom and sisters, since then I have gotten married and bought another home with my now husband. Well since my sisters and mother were still paying on the other house I did not think I should get my name off that house. Well now all my sisters and mother have moved out and I am stuck with that mortgage and I can barely afford my current home that I share with my husband. Till now the house has been paid every month, They just moved out. So what can I do so that I can not go into forecloser?
Hi Funnynini,
I guess, you are still current on your mortgage payments. In that case, the lender won't be ready to give you any options. However, if you are delinquent on your payments, then you can speak to the lender about short sale or deed in lieu. In both these processes, your property will be sold off by the lender to recover the dues. However, if you want to save your property, then you can apply for a loan modification.
Thanks
I guess, you are still current on your mortgage payments. In that case, the lender won't be ready to give you any options. However, if you are delinquent on your payments, then you can speak to the lender about short sale or deed in lieu. In both these processes, your property will be sold off by the lender to recover the dues. However, if you want to save your property, then you can apply for a loan modification.
Thanks
which is the best way short sale, or deed in lieu. my payment always on right time, but i cannot effort any payment, and how much i loss my sore. please advice me. thank you
Hi Guest,
Both short sale and deed in lieu will affect your credit score. A short sale will lower your credit score by 80-100 points whereas a DIL will lower it by 250 points. However, if you go for a DIL, the deficient amount resulting from the sale of the property will be forgiven.
If you want to save your credit score, then short sale is the best option for you.
Both short sale and deed in lieu will affect your credit score. A short sale will lower your credit score by 80-100 points whereas a DIL will lower it by 250 points. However, if you go for a DIL, the deficient amount resulting from the sale of the property will be forgiven.
If you want to save your credit score, then short sale is the best option for you.
I never been late on a investment property, but now they want to raise the rate to 9% even with my excellent credit, they said they can dded in lue, is that true can happen?
Hi Berna,
A lender cannot increase your interest rate suddenly. Did the lender give you any reason as to why he is increasing your interest rate?
Thanks
A lender cannot increase your interest rate suddenly. Did the lender give you any reason as to why he is increasing your interest rate?
Thanks
when i bought the house i am in, i intended to sell it about this time in order to move to a smaller home and send two kids to college. now, we are underwater because the value of the house has dropped dramatically. we have a first and a second mortgage. we owe about 160,000 more than the house is worth in this market. last year my pay decreased more than 10,000. this year mine will go down another 2-5,000 and my husband will drop 2-5,000 as well. we can't make the payments and we can't pay for or even help pay for college this way. we qualify to buy another house (who knows why). should we walk away after buying another home and let this one go into foreclosure?
Hi Mary,
You can buy your new property first and then walkaway from the current property. Walking away from the property will lead to a foreclosure. You should remember that a foreclosure will negatively affect your credit report. It will lower your score by 250 points. If you're unable to pay the deficient balance resulting from the sale of the property, then the lender can place a lien on your new property.
You can buy your new property first and then walkaway from the current property. Walking away from the property will lead to a foreclosure. You should remember that a foreclosure will negatively affect your credit report. It will lower your score by 250 points. If you're unable to pay the deficient balance resulting from the sale of the property, then the lender can place a lien on your new property.
i have my house on the market, no offers. i am not late on the payments but. i want to move out of state. The house is to big for me, i just don't want it anymore. what can i do?
Hi mp!
Welcome to forums!
As you've listed the property in the market, you will have to wait unless you get buyers for the property. You can even contact a real estate broker and he will help you in getting buyers for the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you've listed the property in the market, you will have to wait unless you get buyers for the property. You can even contact a real estate broker and he will help you in getting buyers for the property.
Feel free to ask if you've further queries.
Sussane