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Don't want Deficiency Judgment
December 24, 2009
My wife and I built our dream house in 2007, then my employer forced me to move in 2008. We tried renting and selling the house to no avail. Currently, we are 8 months past due, and I am not sure what America's Servicing Company is doing; however, I have received a foreclosure notice from ASC's attorney. My primary goal is to get out of the loan without a deficiency judgment. Will a short sale or Deed in Lieu accomplish that?
Comments
I need help with a deed in lieu with Wells Fargo. I had to leave Nevada and am unemployed. I'm behind 3 months on my mortgage. I have an offer on a short sale I'm waiting to hear on but if that doesn' fly, I need advice on best negotiation strategy to avoid deficiency judgment. Also can wells go after other assets
Not all States allow deficiency judgments. The first thing I would do is contact a real estate attorney in your State to find out. from experience though, even in recourse States that allow them, I have yet to see one homeowner that has been foreclosed on get one. Look at it this way, why would the bank take the time and money to get a non-secured judgment from you when they could not collect on a secure loan.
our home was in foreclosure and I am trying to pursue a "Deed-in-lieu" instead. In the state of MT is the bank allowed to come after us for the deficiency if they accept the "deed-in-lieu" or are we better off to just proceed with the foreclosure? Or is bankruptcy the best option?
Go for the foreclosure if you don't want some of that debt coming back to you. The Bank of America approached us about a "deed in lieu", telling us that we would not be responsible for any debt and that, this way, our credit score would not be affected. We took the "deed in lieu" to our lawyer to have him look it over and he told us that, if we signed it, we would have no protection against anyone involved in the bankruptcy coming after us for any difference in the total monetary sum of the foreclosure and what they were able to get for the property. So... BEWARE. If you do this, you will be reassuming debt that you have to go bankrupt on in the first place! It is a trick. When we called the bank's lawyers, they told us, "We work for the bank, NOT YOU."
I am 68 years old and my husband died last year which left me with less monthly income. I tried HAMP loan Modification and was denied. So I am looking for help regarding deed in lieu of forecloser. My mortgage is with Wells Fargo and I received a letter from them giving me two choices (short sale) or deed in lieu of forecloser) I would appreciate some ones help in taking this root of just handing it back to the bank. Please someone contact me.