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What are the ramifications of a deed-in-lieu of foreclosure
April 11, 2008
We do not currently live in the home. We had to leave the state of MI for my husband to find a job. (we now live in GA) The payment with taxes and homeowners insurance is closer to $1200. We have gone deep into debt as a result of this payment and would like to find out more about a deed-in-lieu of foreclosure. The house has been for sale for almost two years and keeps depreciating in this very depressed area.
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Comments
i'm currently finalizing a divorce. i've been trying to keep the house but with increasing property taxes, numerous household maintainence issues and little-to-no child support, i've decided that i just can't keep up with mortgage and living expenses. i have recently moved back in with my parents in an attempt to fix up the house to sell but find that it is simply beyond my means. how much would it cost to even file for a deed in lieu of foreclosure?
I have a home that i love,but cant afford. after my divorce i was scared of my x husband so much even though i got the house in final decree, i refinanced with an arm. two years later flagstar accepted my new mortgage, but insisted on adding taxes and insurance to note..increased payment to 1550 from 1233. I must have paid 8,000 already in closing. Then i got a letter stating that my note was being increased to 1750.00 to cover a "cushion" for the escrow. A realtor convinced me to rent out my house and buy a cheaper one. he even found a renter...i bought a home 40,000.00 less, but then the renters backed out. no i am not going to pursue litagaton on renter..I have been trying to sell house since jan. i am trying to short sell now..i paid national short sale to help me. yes and i fired my old realtor. no offers. do you think they would accept a deed in lieu if they saw i am trying and cant sell?
We left our house in Hawaii and relocated in Little Rock AR, so that I can receive cancer treatment at UAMS. We've been trying to sell our house for months (no buyers) and have expended all of our resources. Our RE agents want us to do a 'short sale' and others have advised us to walk away and let the bank take it (foreclosure). Please help us make the best choice from our limited options!
We bought our first home in Fernley, NV in Oct 2005, assuming we would be there several years. We financed with Flagstar for a 3-year interest only loan at 5.35%. I was transferred with my job 8 months later, and could not sell the house due to the market. We have been paying on the house for 3 years, and this Oct our loan could go up as much as 2%. We have had a renter in the house covering the $1650 a month mortgage, but that renter is exiting the house within a month, making this house something we can no longer afford. The bank says they will not consider anything until we default on the payments, but we didn't want it to get to that point. What options do we have?
we were jut approved from cuntywide for a deed in lieu
they have hte frst and secondliens
on the roperty, when it is done this week are bot leins satisified,, clear,, and are there any deficiencies judgments agains us
they have hte frst and secondliens
on the roperty, when it is done this week are bot leins satisified,, clear,, and are there any deficiencies judgments agains us
I currently own a property in Tex. The tenant is not able to buy the property and may be moving out. Due to the reassessment I will not be able to afford the morgage. I would like to know the worst case senario would be if the home goes into forclosure??