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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?

This entry was:
Posted By Darin at 09:34 AM
Comments (6) | Categories: Americas Servicing Company, California Foreclosure | Tags: americas servicing company california

Related Entries

  • ASC... I did not choose them nor do I want to keep them - January 14, 2008
  • ASC told me they were just a servicing company and that they could not help me - May 7, 2008
  • We failed to get this worked out our own - February 12, 2007
  • What can be negotiated with ASC? - March 25, 2008
  • Why did they return my checks - December 17, 2007
 

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
Posted By Tery on December 26, 2007 at 11:37 PM
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.
Posted By Darin on December 27, 2007 at 09:18 AM
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
Posted By Jascet Harris on January 21, 2008 at 03:27 PM
what about a short sale first--may be a better option for you
Posted By dionne on March 07, 2008 at 10:34 AM
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
Posted By teresa a on September 13, 2008 at 07:30 AM
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
Posted By Tim Wilson on November 05, 2008 at 02:20 PM

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