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I need hlelp with a deed in lieu of foreclosure

December 13, 2007

I would like to do a deed in lieu or a consent foreclosure. We cannot afford the terms of the mortgage and would like to move out and noit owe the mortgage company anything. I was out of work for close to two months and have spent the entire year trying to get caught up on all of the bills. The mortgage has went up twice since December 2006 and we just cannot afford the payment. The house is in disrepair and with no money to make the repairs we would like to just walk away. The mortgage company wants us to do the deed in lieu or short sale. We tried to sell the house with no luck.

Posted By Darin at 02:16 PM
Comments (4) | Categories: Accredited Home Lenders, Illinois Foreclosure, Deed In Lieu of Foreclosure | Tags: accredited home lenders illinois deed in lieu

Comments

WOW, not a professional here but BUY ANOTHER HOUSE YOU CAN AFFORD FIRST. your credit will take a big hit and you will never get another house at a good rate again!!! thats what we did

good luck

Posted By nicole and dan on December 24, 2007 at 08:09 PM

I would like to do a deed in lieu of foreclosure. What kind of penalties are there and how would that affect my credit? Do you think I should seek legal advise?

Posted By carmen ortiz on January 04, 2008 at 08:43 PM

In response to "WOW." Not everyone's circumstances stay the same as they were when they bought a particular home and options are needed. You are making a blind assumption that someone purchased a home on terms they could not meet. My husband and I did that, then he left me and our 3 young kids for a younger bimbo and now I am in a position of not being able to afford the home he left us in. Soooo....before you make rude comments about someone, you really ought to consider they may have a situation you don't understand!

Posted By Kat on January 29, 2008 at 07:10 PM

I think "WOW" was saying that she should buy another house she can afford prior to doing a deed in leiu of...because if she waits till after her credit will be so bad no one will lend to her. Hence the recommendation to do it before.

Or maybe he was being an a$$, I don't know...I read it different.

Posted By umm on April 09, 2008 at 06:23 PM

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I need hlelp with a deed in lieu of foreclosure

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