Posted on: 27th Apr, 2006 02:38 pm
our title is tenancy in common with my mother. do i need her signature for a deed in lieu of foreclosure even though the mortgage is only under my name.
Hi,
Since the property is under the ownership type of tenancy in common, so definitely her signature is required in the deed. Talk to your lender for the process that will be best under this circumstance.
James
Since the property is under the ownership type of tenancy in common, so definitely her signature is required in the deed. Talk to your lender for the process that will be best under this circumstance.
James
hi tris,
i have doubts whether your lender is going to accept a deed-in-foreclosure without a clear title in your name.
i think you should acquire full interests in the house through a quit claim deed first and then go for a deed-in-lieu.
consult your lender and check the best way out.
i have doubts whether your lender is going to accept a deed-in-foreclosure without a clear title in your name.
i think you should acquire full interests in the house through a quit claim deed first and then go for a deed-in-lieu.
consult your lender and check the best way out.
Hi,
Welcome to MortgageFit Forums.
Since your mother has her interest in the property under a tenancy in common type of ownership so, she will have to sign any form of property transfer.
Her credit will not be damaged with the deed-in-lieu of foreclosure as her name is not on the mortgage.
Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Since your mother has her interest in the property under a tenancy in common type of ownership so, she will have to sign any form of property transfer.
Her credit will not be damaged with the deed-in-lieu of foreclosure as her name is not on the mortgage.
Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
Is there a tax penalty for someone who is going through a deed in Lieu and is so is there a way around that?
Hi,
So far I know the real estate transfer taxes are exempted in deed-in-lieu of foreclosure provided that -
It's better if you consult an attorney on the matter and take his views as real estate are transfers and the clauses can be known by professionals in that field only.
So far I know the real estate transfer taxes are exempted in deed-in-lieu of foreclosure provided that -
- If the grantee in such deed is the person holding the obligation which is being cancelled, in part or completely, in exchange for the transfer.
- The transfer shall be exempt only to the extent of the amount of the obligation getting cancelled, in part or in full, in exchange of the transfer.
It's better if you consult an attorney on the matter and take his views as real estate are transfers and the clauses can be known by professionals in that field only.
I have a quick question... about 7 months ago I lost my job and fell behind on my payments. I worked out an agreement and became current. I then refinanced and paid off all my debt's. How long will this stay on or will they understand if I add a statment to my Credit report. I refinanced with a higher rate and next year I would like to redo if I can get the score higher
Hi Teddy,
Negative marks can stay on your credit report for up to seven years even if you pay off your debts.
You need to act on your part to repair your credit soon. Ensure that the repayments are reported by your creditors and you need to follow up your report. You can take the help of professionals for the purpose.
Negative marks can stay on your credit report for up to seven years even if you pay off your debts.
You need to act on your part to repair your credit soon. Ensure that the repayments are reported by your creditors and you need to follow up your report. You can take the help of professionals for the purpose.
Hi Teddy,
It's true that negative marks due to delinquency are going to stay on your credit report for seven years from the date of delinquency even if you clear your debts now. But you can give an effort to raise your score.
As Murphy said that first ensure all your payments are reported to the credit bureaus and after that you can write them with copies of appropriate documents attached to it.
With some initiative and effort it won't take much time to come out of the problem and see your score improving. I am sure you won't face any problems in refinancing with a lower rate next year.
Best of Luck.
Blue
It's true that negative marks due to delinquency are going to stay on your credit report for seven years from the date of delinquency even if you clear your debts now. But you can give an effort to raise your score.
As Murphy said that first ensure all your payments are reported to the credit bureaus and after that you can write them with copies of appropriate documents attached to it.
With some initiative and effort it won't take much time to come out of the problem and see your score improving. I am sure you won't face any problems in refinancing with a lower rate next year.
Best of Luck.
Blue
hi,
if I do deed in Lieu will be damaged my credit? if is yes, for how long, or is better to do Short Sale" , what do you advise me
if I do deed in Lieu will be damaged my credit? if is yes, for how long, or is better to do Short Sale" , what do you advise me
Hi Danitza,
If you go for deed in lieu, then definitely it will affect your credit score. But that will be less compared to bankruptcy. And this information will stay on your credit report for 7 years.
But if you have an alternate option to stay some where then only the deed in lieu is better option rather than bankruptcy.
And for short sale, negotiating with your lender can be a daunting task. Because finding an officer who has the authority to accept discounts can be a difficult process.
So, it will be better to go for deed in lieu. But some time it may depend on the situation in which there may be some other option than it. So if you can explain your situation more clearly and why you are looking for deed in lieu, then may be I can suggest you some better option.
Thanks
If you go for deed in lieu, then definitely it will affect your credit score. But that will be less compared to bankruptcy. And this information will stay on your credit report for 7 years.
But if you have an alternate option to stay some where then only the deed in lieu is better option rather than bankruptcy.
And for short sale, negotiating with your lender can be a daunting task. Because finding an officer who has the authority to accept discounts can be a difficult process.
So, it will be better to go for deed in lieu. But some time it may depend on the situation in which there may be some other option than it. So if you can explain your situation more clearly and why you are looking for deed in lieu, then may be I can suggest you some better option.
Thanks