How long does a deed-in-lieu process take?

DO I HAVE TO PAY ANY BALANCE IF I CHOOSE TO FORECLOSE AND IF SO DOES IT HAVE TO BE PAID OFF IN ONE LUMP SUM?

Hi DORIS,

If your property is foreclosed on and the sale price does not cover the outstanding loan amount, you will be liable to pay off the deficiency. The lender can come after you for it, if you do not pay it off. They can sue you for non-payment. You do not have to pay it in a lump sum. If you want, you can talk with your lender and set up repayment plan to pay off the deficiency within a certain amount of time.

How hard is it to get a forbearance, we have been denied a loan modification and my husband is unemployed but we recently have started collecting social security

Hi dif,

If the lender is convinced about your financial hardship, then you would be able to get a forbearance. You should contact your lender by writing a hardship letter and request him to consider your situation. Depending upon your financial situation, the lender may get ready to give you a forbearance.

i have a bankruptcy discharged about 6 months ago.....my house is in foreclosure. i am thinking of asking the lender to do a deed in lieu of foreclosure. my question is......am i protected by the discharged from the deed taxes next year?? please help. thank you

My other question is.....My sheriff's sale date is Sept/2010, how long do I get to live in my home if I was to do a deed in lieu of foreclosure? I live in MN and we have 6 months redemption period. Basically, how long does the deed in lieu process takes? Any info would be very helpful. THANK YOU!

I am behind on my loan and have a loan mod but still can not do this. I had a deal worked out to pay more for a few months to catch up but can't do it. The bank has not called and am thinking about a deed in lieu. I live in North Carolina. I want to move out and clean the house up that is why i do not want to do a short sale. Should i call the bank and tell them i want to do a deed in lieu and about how long would it take to be served with papers or have to move out. Also i have heard about the bank will give you $1000.00 fo the keys and paperwork. Thankyou

welcome guest,

you can contact your lender and apply for a deed in lieu of foreclosure. it will be the lender's discretion whether or not he will consider your request. after the property is sold off, you will receive an eviction letter from the lender. you will have to leave the property within that given period of time.

We are starting to pack some (need boxes) and then next month hopefully will be out before Christmas. So i was not sure what to do. I have found that in a deed in lieu you will have to pay for the paperwork. Is this right and dies anyone know how much. I don't make alot and that is why we are moving

Hi Guest!

Welcome to forums!

It is true that you may have to pay for the paperwork of deed in lieu of foreclosure. You can contact your lender and he will explain the details to you.

Feel free to ask if you've further queries.

Sussane

We have been accepted for a deed in lieu how long do you usually get in Idaho to get out of the home.

HI Cdlhb!

Welcome to forums!

After the deed in lieu of foreclosure sale gets over, you will receive an eviction letter from the lender. It will mention the time period within which you will have to leave the property.

Feel free to ask if you've further queries.

Sussane