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Willl a DEED IN LIEU OF FORECLOSURE save my credit... I fdon't think so
We purchased this home as an investment property with intent of friends parents doing a lease purchase...they ended up moving out of town, while also negatively cash flowing by $700+ a month...I have had two other tenants and still currently have one at $1000 a month. The house is worth now $100k less and I have also got a salary cut of $24k and am going through a divorce...payments are still not late but I want to do a DEED IN LIEU OF FORECLOSURE so I can save my credit and NOT have to worry about this....the second loan is with Ocwen for $384.67 a month. PLEASE HELP save me from this...I do not live in the house since it is soooo far away and just need the right people to have the mortgage companies understand my hardship situations and let me out of this without any lates and/or foreclosure
Aurora Court Case. They don't care about anyone
AURORA LOAN SERVICES, INC., Plaintiff,
v.
FRANK CRADDIETH and PEGGY CRADDIETH, Defendants-Appellees. APPEAL OF: MIDWEST REAL ESTATE INVESTMENT COMPANY, Intervenor-Appellant.
UNITED STATES COURT OF APPEALS FOR THE SEVENTH CIRCUIT
No. 05-1858
October 24, 2005, Argued—March 31, 2006, Decided
Lead opinion by POSNER
1021 POSNER, Circuit Judge. This appeal by Midwest Real Estate Investment Company arises out of a diversity suit to foreclose a mortgage that Aurora, the plaintiff, owned on the Craddieths' home. The substantive issues are governed by Illinois law.
The suit was filed, and a foreclosure judgment entered, in 1999. But for reasons that are unclear, the foreclosure sale was not conducted until October 2004. Midwest was the high bidder, bidding $ 107,818.44. (The appraised value of the property was $ 170,000.) However, two or three weeks before the sale the Craddieths had obtained alternative financing that would have enabled them to retain their home: They had arranged for a loan in the form of a sale. They would sell their home to a third party pursuant to an installment land contract that provided that the "buyer" would hold the title to the property until the Craddieths had made their final payment of the sale price, that is, had fully repaid the loan, at which point the title would revert the Craddieths.
On the morning of the day of the foreclosure sale, the Craddieths' lawyer notified the court that his clients had made an alternative arrangement for paying back Aurora. But he mistakenly described the alternative as a "real" sale of the home to someone other than Midwest, rather than as a financing arrangement that would allow the Craddieths to keep their home. The judge, thinking that therefore the Craddieths were "going to be out of their house no matter what," refused to stop the foreclosure sale, at which Midwest was the high bidder. Midwest tendered the $ 107,818.44 purchase price to the court official who had conducted the sale, and the official issued Midwest a certificate of sale.
But before Midwest could take title to the property the foreclosure sale had to be confirmed by the district court. On November 16 the district judge convened a hearing on Aurora's motion to confirm the sale to Midwest. At the hearing, at which Midwest was not present, it was revealed that the Craddieths had indeed found a lender who was willing to pay the amount due Aurora on the mortgage. On December 21, the judge formally denied Aurora's motion to confirm the sale.