Posted on: 28th Mar, 2011 07:03 pm
Hi all. I recently initiated a deed in lieu with BAH loans. It was stop due to a lien on he property. If the lien is not removed the deed in lieu will not go forward. If the deed in lieu is stopped a foreclosure will proceed. With foreclosure, will the person that place the lien have any other options? With the treat of foreclosure will the creditor be willing to negotiate a settlement to remove the lien?
Hi derrickwms,
Welcome to Mortgage fit,
Lienholder will get his dues after the foreclosed property is sold (may be not in full amount)...So he will not care whether it is DIL or foreclosure..But it is you,who should look into the matter more seriously..Because DIL is always beneficial than Foreclosure...So you are advised to pay the sum first towards the lien and then proceed with DIL immediately...
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
Lienholder will get his dues after the foreclosed property is sold (may be not in full amount)...So he will not care whether it is DIL or foreclosure..But it is you,who should look into the matter more seriously..Because DIL is always beneficial than Foreclosure...So you are advised to pay the sum first towards the lien and then proceed with DIL immediately...
Feel free to ask any further query if you have....
DIPA
Hi derrickwms!
Welcome to forums!
If the foreclosure takes place, then the lender will come after you for the deficient balance. Also, the lien holder will have the rights to contact you for the lien. It will be the creditor's discretion whether or not he will consider your request for a settlement.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the foreclosure takes place, then the lender will come after you for the deficient balance. Also, the lien holder will have the rights to contact you for the lien. It will be the creditor's discretion whether or not he will consider your request for a settlement.
Feel free to ask if you've further queries.
Sussane
Thanks for the response.I went to the recorder of mortgages today. What I found surprised me. I had no liens attached to my property as stated by BAH loans. They obviously did a name search that returned several items. But, what surprised me is that the mortgage company lied about doing a title search. There are no liens attached to my property. My name is a very common mane. I've tried using my middle name to avoid issues with my mane. But I've still run into issues like this. I got copies of both items they claim were found in the title search. Both have unique identifiers that would allow the most novice attorney or clerk to see that the person being sued was not me. I'll continue my DIL with BAH and will keep U informed thanks again.
Hi Guest,
You did the right thing by contacting the county recorder's office and did a title search. Now that you know there is no lien on the property, I hope things will be fine for you.
You did the right thing by contacting the county recorder's office and did a title search. Now that you know there is no lien on the property, I hope things will be fine for you.
Hi derrickwms,
It is sometime due to mistake or sometime due to bad practise of the mortgage companies that they send these types of notices to the customers...But overall if person is quick enough to look in to the matter and if he is a informed customer.......every problem is solved....A stitch in time saves nine...
Feel free to ask any further query if you have.....
DIPA
It is sometime due to mistake or sometime due to bad practise of the mortgage companies that they send these types of notices to the customers...But overall if person is quick enough to look in to the matter and if he is a informed customer.......every problem is solved....A stitch in time saves nine...
Feel free to ask any further query if you have.....
DIPA
BAH loans informed me thatr my case was reopened and the DIL was still being processed. Thanks to all for the advice.
You're welcome, derrick! :-)