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Should I try a deed-in-lieu of Foreclosure?

December 13, 2007

Is a deed-in-lieu possible here? The home has been listed with a real estate agent for 60 days to no avail. The home is vacant and in perfect condition. The mortgage is current, however soon we will no longer be able to afford the mortgage. We desperately need to move on without this house, yet we do not want to foreclose (for obvious reasons).

Posted By Darin at 02:10 PM
Comments (4) | Categories: Deed In Lieu of Foreclosure, Wells Fargo, North Carolina Foreclosure | Tags: wells fargo north carolina

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Comments

We currently have A mortgage of $216k on a home that was recently constructed in Hawaii. The loan rate for the construction period is 7% / 7.8%apr.When construction was finished the loan would roll over to a perm. loan with a rate modification option. We also have a vacant lot loan on the lot next door. This is an intrest only loan that comes due in 13 months. We owe $11.5k/value probably equivilant. Both loans are with the same lender. By the end of construction the home value was $185k. Our intent was to move to Hawaii from California. When we began this project we could not fore see what has happened to the real estate market and the economy in general. We are current with both loans but no longer can afford rent here and a mortgage for a home we can't even afford. We have decided to let the home go and the lot as well. We listed both, but have very little hope of getting enough to pay our lender. What options do we have? should I mail in my payment Knowing we're not keeping the house?

Posted By Amir Ardjomand on October 09, 2008 at 05:25 PM

Which is worse against my credit. A deed a lieu or a short sale?

Posted By Steve on February 14, 2009 at 12:19 AM

I've been tried to do a short sale since about August 2008. I've had a couple of offers and counteroffers from $55,000 to $63,000 that Wells Fargo has denied stating they would not accept less than $79,000. My loan balance is about $83,000. After an unsuccessful attempt at a shortsale or any reasonable sale and after discussing with my agent I decided to request a deed in lieu of foreclosure in Jan 2009. I've faxed the necessary documents and forms needed in January. The response that I received was a letter from the foreclosure attorney's stating that my home is scheduled for foreclosure as of April 7, 2009. The loan negotiator received my documents and the only way to contact him is thru voicemail. He last called me on March 6th with the only message of just returnin his call. No update whatsoever towards their decision on the deed in lieu request. I've called him several times and even called the loan modification dept with no updates in the system.
AWh this is so frustrating.

Posted By Latecia Hayes on March 20, 2009 at 03:54 PM

we need help getting out of a home - bank rejected 2 short sale offers and won't talk about deed in leiu but we filed all paperwork in 1/09. home for sale since 7/08.

Posted By Toni and Don Schenker on April 22, 2009 at 04:58 PM

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Should I try a deed-in-lieu of Foreclosure?

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