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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?
Related Entries
- I need help getting loan modification with ASC - April 23, 2010
- ASC... I did not choose them nor do I want to keep them - January 14, 2008
- I think my house was already foreclosed on, ASC said we abandoned it but we are right here - February 25, 2009
- 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
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
ASC has no heart at all.
We wrote letters to try and get them to help us with our loan which was an arm loan telling them we couldn't afford our loan anymore. They never responded but within a week after I faxed the letter to them they called to tell us our payment was late and asked when they would be getting it. We told them about the letters and they came right out and told us they were not in the business to help their clients and to call Wells Fargo. Because our house was upside down and we couldn't get refinancing. Since there was no help we ended up just having to walk away from our home .
We wrote letters to try and get them to help us with our loan which was an arm loan telling them we couldn't afford our loan anymore. They never responded but within a week after I faxed the letter to them they called to tell us our payment was late and asked when they would be getting it. We told them about the letters and they came right out and told us they were not in the business to help their clients and to call Wells Fargo. Because our house was upside down and we couldn't get refinancing. Since there was no help we ended up just having to walk away from our home .
Don't worry Annette, you're not alone.I have posted earlier about ASC too. True, they have no heart. I have been denied 3 times on a loan modification. My husband and I even paid another lender company to $900 dollar to help us work with ASC but no luck.The first time loan mod, I was told we don't make enough,the second loan mod,we make too much and this time again- we don't make enough again. I don't think they have a specific #.They just say whatever they want. I told my husband that we are not going to go thru this crap again. If ASC can't help us then they can have their damn property back, who needs their service when I can go somewhere else.
I am really glad to see I'm not the only one having hard dealings with ASC..1st home & I am so ready to just abandon, let them have it, but unfortunaley it will really hurt in the long run. I have also had a loan Modification which brought my payment down about $50 a month "wow wee" with the 80/20 that I have been so desperate to get out of & can't seem to they have me at 7.5% for the large & 10% for the small -what a joke!! I have absolutly no heart in my home & find it's more of a burden then anything!! I had also tried to remove my escrow & of course they said I'm at 80/20 LTV so screwed again, which could have been a $300 a mo savings to us - to answere a questions above - foreclosure times are different in each state, here in Illinois it could take about a yr to finalize & you have to be out
i bought my property 1n january 2006 in pittsburg california ihad 2 loans was for 80,000 and the other one was 327,000 with litton ,then they sold my loan to asc i think i had the sub prime type when my interest was about to go up i try to get my interest freeze and asc denied me and i try to modified then they did the same,i didn't have any optiom to let it go because the property was down on value and this people didnt want to work with me .. my question if my loan was a non recourse? since every person that i tell my problem they said it is a non recourse
I am going throught the same problem with ASC. I paid over $4ooo for the National foreclosure company to help me deal with them they took 4 months then told me they couldn't help me. I don't know what to do. I want to give them back they home but don't know how to do that.
The banks got all that money, and they refuse to do any thing!
Besides the class action lawsuit, I am also writing a letter to Pres. Obama to let him know that, after all that money that was given to the banks, the banks still do not want to do what is right! They are greedy bastards!
They still refuse to work with us! I am taking it in my own hands because I can not just sit by and do nothing! It is not even about the home any more it is about the PRINCIPAL of it all! I would urge you to write a letter to the President as I have done! No one is listening! SOMEONE HAS GOT TO HEAR US!
The banks will go to hell one way or another! I am convinced of it! Good luck to you all!
Besides the class action lawsuit, I am also writing a letter to Pres. Obama to let him know that, after all that money that was given to the banks, the banks still do not want to do what is right! They are greedy bastards!
They still refuse to work with us! I am taking it in my own hands because I can not just sit by and do nothing! It is not even about the home any more it is about the PRINCIPAL of it all! I would urge you to write a letter to the President as I have done! No one is listening! SOMEONE HAS GOT TO HEAR US!
The banks will go to hell one way or another! I am convinced of it! Good luck to you all!
I am not happy to see so many people in hardship but, I am happy to see thst I am not the only one having a huge issue with ASC. I had to move for my work and could not afford my new rent with my mortgage. I told them I would do the "Deed-in-lieu" and they could have the house to do with as they please. They are hell bent on taking it to forclosure instead. I even had one of their extremely rude customer service reps tell me, "oh no, we are going to make you pay the money you owe AND court fees to get it from you." I am a little scared now to learn that their "mother company" is Wells fargo. I bank with them and they are huge! I don't know what to do!
Lori get an Attorney!!!!! They will be scared! Stand up for your rights do not let banks do as they may with each and every one of you! They got money from the GOV!!!!!! They are still not lending money!!!!
We are all in the mess we are in because of them!!!!! More people will lose jobs and homes because they are not lending money!!!!!!
They have it coming!
We are all in the mess we are in because of them!!!!! More people will lose jobs and homes because they are not lending money!!!!!!
They have it coming!
Lori get an Attorney!!!!! They will be scared! Stand up for your rights do not let banks do as they may with each and every one of you! They got money from the GOV!!!!!! They are still not lending money!!!!
We are all in the mess we are in because of them!!!!! More people will lose jobs and homes because they are not lending money!!!!!!
They have it coming!
We are all in the mess we are in because of them!!!!! More people will lose jobs and homes because they are not lending money!!!!!!
They have it coming!
how do I file a deed in lieu of foreclosure with ASC ?
I been through the same thing tried to modify my loan 3 times never failed a payment while doing it and was denied over and over i even had an employee from my local congressman's office talk to them and their answer was they don't work for the goverment...I tried to short sale my home i even had a offer and ASC close my file and send me to foreclosure.I don't know anymore what to do...Help please.
My husband got good news on Tuesday! ASC approved the short sale of our Condo. After 2 and 1/2 years it is finally over! Thank God! My suggestion for those of you who are still struggling….find good networks who will be willing to help, no matter what you are trying to do, weather to keep it, sell it, etc. My advice still stands! Get out of your home through a short sale because the home has no equity, you cannot even get an equity loan it will be many years before you will have an investment in your property, after all isn’t that why you chose owning over renting? If you do pursue a short sale make sure you have someone who can negotiate the stop of all the foreclosure proceedings. Those have to be stopped just in time, in order for the short sale to continue to go through. It takes a long time and it is a process but it can happen, don’t lose faith! Good luck!