Posted on: 20th Mar, 2009 04:05 am
ok i will try to make this as short as possible(mind the spelling it's early) 7 months ago my husband found out from the railway company he worked for was closing down in our area.. His boss told him he can transfer out of state and keep his job or stay in the area and find new work(note he has been with them for 15 years) so with the economy the way it is now the smart thing was to move and keep his job. Now the bad part is they only gave us 30 days notice. so the first thing we did was get on the phone with the bank to tell them the situation and to tell them that we will no longer be able to make the house payments(we were never late on our payments) and ask them what are our options. they told us to first do a short sale and after 90 days if it has not sold we would do a deed in lieu. so we got our real estate agent to put the house on the market for less than what it is worth. now during this time it was nothing but a hassle every person we got on the phone was saying something different we had to fax in multiple pages over and over and over and over again because they said they never received them.. after the 90 days we called in to start the deed in lieu. well then they told us the house had to be on the market for 120 days not 90. so we waited the 120 days. now we called in to get the deed in lieu paperwork started and they told us that we have to fax in all the paper work again for the 500th time cause it was 30 days old. so we did waited 2 days called back to check the status and they said again that they have no record of us faxing it in and we have to fax it again.. so i know they are giving us the run around. and the odd thing is. is that the person supposedly handling the case is talanda and the person we spoke to yesterday who told us that name was yolanda and the person that called the same day to collect money name was shalanda how convenient. i guess my question is. what can we do about this.. this has gone on long enough. is there any way we could get a lawyer or someone to help us force them into deed in lieu.. and for any negative comments i understand that they are losing out on money but we did not ask to be forced out of our home and away from our family so my husband can keep his job.. we had no choice it was either stay there have him lose his job with a company he has been with for 15 years and not be able to pay the bank or move here keep his job and not be able to pay the bank.Help!!
Hi bubbaandjerrystrolldance,
I think since you have always been current on the loan, they are reluctant to start a deed-in-lieu procedure on the property because whether it's a short sale or a deed in lieu, the lender has to suffer a considerable amount of loss. To force them to start a deed in lieu procedure, you should simply walk away from the property and stop making all sorts of payments to them. They will be compelled to start the procedure, once the payments are stopped.
Thanks,
Jerry
I think since you have always been current on the loan, they are reluctant to start a deed-in-lieu procedure on the property because whether it's a short sale or a deed in lieu, the lender has to suffer a considerable amount of loss. To force them to start a deed in lieu procedure, you should simply walk away from the property and stop making all sorts of payments to them. They will be compelled to start the procedure, once the payments are stopped.
Thanks,
Jerry
thanks for the reply but we have not made a payment in 7 months?
Hi d,
If you haven't made payments for 7 months, then you can definitely apply for a deed in lieu. But as far as I know, you'll not be able to force the lender for a deed in lieu. The lender would judge your situation and decide whether he would accept your request or not.
Thanks
If you haven't made payments for 7 months, then you can definitely apply for a deed in lieu. But as far as I know, you'll not be able to force the lender for a deed in lieu. The lender would judge your situation and decide whether he would accept your request or not.
Thanks