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Should I pursue a Deed in Lieu of Foreclosure
December 17, 2007
We have tried refinancing to lower our payments but we were denied. Our credit is not the greatest but we can't afford our payment anymore. Would a Deed in Lieu of Foreclosure be the way to go?
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Comments
Hi, I have a mortgage with ASC but I find myself unable to make the payments anymore I have to loans with ASC one for 300,000 which has a interest rate that just went up and another that is for 75,000 which remains the same but after the big loan now is more I can not make the payment Can I qualify for a deed in lieu with ACS if I prove that I can not make the payments anymore? Please emailed me back with the answer
The main thing the mortgage company will look at when approving you for a Deed-in-Lieu of Foreclosure is your ability to pay. If you can no longer afford the home and you have unsuccessfully tried to sell it, then this may be an option for you.
several months back we filed bankruptcy because we were unable to meet out mortgage payment and we thought it would help us keep our home. To our surprise the payment we had to make to the bankruptcy court plus our monthly mortgage payment was still difficulty for us to meet. We are now out of bankruptcy an is trying to sell our home but it is taking a lot longer than we thought. We recently received a letter from ASC with pre-foreclosure information. I contacted them to ask them if they could hold off on the foreclosure until we sell our home but they said no. What are your advise
what about a short sale first--may be a better option for you
hi if asc foreclosures on my home how much time do i have in my home???? I have not YET missed a mortgage payment but i have an adjustable rate that is going to change soon!!! how many payments do i miss before im homeless please help understand
ASC is very difficult. So much for the Treasury Secretary "insisting" that mortgage companies work with consumers to "modify" their loan terms. What a joke. I have an 80/20 loan 7.25% and 10.25%. I have asked ASC to lower the rate on my ASC 1st mtg to 4.5% for the next five years. They told me that the ONLY loans that they will consider for modification are the ARM's and Option ARM loans not FIXED loans. Good luck in dealing with these guys. Go Obama!
Tim
Tim