Posted on: 05th Jul, 2008 05:16 pm
we recently were served with a summons for foreclosure for our home in florida about 14 days ago. in florida you have to respond in 20 days. we are in the process of responding to the summons and also sending a certified copy to an the lender's attorney.
we told our lender early on when we were only two months behind that we were having problems and asked them to look into different ways for us to keep our home. the lender took all of the financials from us and told us that they would send it to the investors and get back to us in 60-90 days. we would call every week to see if there was any headway but were always to told that the papers were being reviewed.
finally about 80 days-90 days in we were told that the only option was for us to come up with another 1000 per month in income to qualify for a remodification which is not the solution we were asking which we told them early in this process. we needed to have our monthly payment amount reduced. needless to say the next move by the leader was pre-foreclosure and now foreclosure.
we want to now know if the deed in lieu of foreclosure is still an option for us? we now just want to walk away. we have the home with a realtor for a short sale and have told the lender that we were selling the home at a short sale but we really just want to get our furniture and move out in the next 4-6 weeks.
please tell us what we should do legally at this time.
thank you in advance.
sydney b.[[/b]
we told our lender early on when we were only two months behind that we were having problems and asked them to look into different ways for us to keep our home. the lender took all of the financials from us and told us that they would send it to the investors and get back to us in 60-90 days. we would call every week to see if there was any headway but were always to told that the papers were being reviewed.
finally about 80 days-90 days in we were told that the only option was for us to come up with another 1000 per month in income to qualify for a remodification which is not the solution we were asking which we told them early in this process. we needed to have our monthly payment amount reduced. needless to say the next move by the leader was pre-foreclosure and now foreclosure.
we want to now know if the deed in lieu of foreclosure is still an option for us? we now just want to walk away. we have the home with a realtor for a short sale and have told the lender that we were selling the home at a short sale but we really just want to get our furniture and move out in the next 4-6 weeks.
please tell us what we should do legally at this time.
thank you in advance.
sydney b.[[/b]
Sydney my guess is that the DIL is no longer an option as they have started the formal foreclosure. I may be wrong. You need to speak to them and ask. My best advice would be to talk to a RE ATTY about your options.
Good Luck yo you
Brian
Good Luck yo you
Brian
Hi Sydney.
Welcome to the forum.
See you should talk with the lender again and if you cannot go for short sale then request him to accept the deed in lieu of foreclosure. I think there is still a chance to accept the DIL as the DIL will reduce his foreclosure expense. But it is totally depends upon the lender whether he will accept it or not. But you should at least have a talk with the lender. I suppose the lender also don't want the foreclosure as this is a very expensive process.
BTW the deed in lieu and foreclosure will have similar credit effect on your Credit Report.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
See you should talk with the lender again and if you cannot go for short sale then request him to accept the deed in lieu of foreclosure. I think there is still a chance to accept the DIL as the DIL will reduce his foreclosure expense. But it is totally depends upon the lender whether he will accept it or not. But you should at least have a talk with the lender. I suppose the lender also don't want the foreclosure as this is a very expensive process.
BTW the deed in lieu and foreclosure will have similar credit effect on your Credit Report.
Feel free to ask if you have any further questions.
Best of luck,
Larry
how do i fill out the answer to a forclosure summons
how do I prepare an answer to the foreclosure summons
Hi Guest,
A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/foreclosure/document-answer.html#72954
A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/foreclosure/document-answer.html#72954