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Chase Deed In Lieu Of Foreclosure All Locations : Nationwide Real Estate Advice

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Showing results for Chase Deed In Lieu Of Foreclosure [Clear search]
Fri Sep 10, 2010
Anna M Brocco answered:
Not knowing many details, your best course of action is to consult with an attorney who specializes in real estate, protect yourself.
0 votes 3 answers Share Flag
Fri Feb 18, 2011
Joyce Sass answered:
HI Chris,
HAFA is the new Obama program designed to give the seller more assistance. For those lenders that are participating in the HAFA program, they offer the benefits of "releasing deficeincy debt and/or you could receive up $3000 relocation expenses. You must meet certain criteria in order to receive these benefits.

You could view this site for additional information. Make sure you click on 'Learn about HAFA eligibility'.
www.chase.com/shortsale

Joyce Sass, SFR
Short Sale/Foreclosure Resourse
Rossman Realty
239-878-2478
joyce.sass@yahoo.com
"Become another Sassified Customer"
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0 votes 13 answers Share Flag
Fri Apr 30, 2010
Emelia Sanchez answered:
Sure, it may be years from now, So start re-establishing your credit and save money for a hefty down payment.
0 votes 4 answers Share Flag
Thu Apr 29, 2010
April Crowder answered:
A foreclosure stays on your credit report for at least seven years. Your credit score will suffer greatly and will have to be rebuilt. That will require you to take our loans and pay them on time to improve your credit score. If you currenlty have car payments or other reoccuring payments than those on time payments will help to rebuild your score. I hope this helps. If you have any additional questions, please contact me. ... more
0 votes 15 answers Share Flag
Sun May 2, 2010
John Bennett answered:
Devon, talk to your attorney and dont pay much attention to comments on this site.
0 votes 8 answers Share Flag
Wed Apr 21, 2010
Don Tepper answered:
Use a lawyer.

(So you can put down $50,000 and pay $3,000 a month but you don't feel like fulfilling your obligation to pay the debt you willingly assumed? But that's a lecture for a different day.) ... more
0 votes 7 answers Share Flag
Tue Apr 13, 2010
Dan Chase answered:
You have a tough case here. You can ask the bank for a loan modification. You could also ask about a short sale (the bank allows a sale for less than is owed). Maybe deed in lieu of foreclosure would be possible. (ask your lender about all 3. Explain your situation and have documentation available) If they deny and you can not pay for it foreclosure and bankruptcy are the only options I could see.

I am sorry about your situation. The above ideas are the only things I have seen that might work for you.
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0 votes 5 answers Share Flag
Sat Aug 6, 2011
Dan Chase answered:
You keep living there and making payments until it is paid off. The other option is you rent it out.

Depending on a whole lot of circumstances you may find that deed in lieu of foreclosure, foreclosure (not making payments) are possibilities. ... more
0 votes 4 answers Share Flag
Mon Apr 12, 2010
Dan Chase answered:
The answer : Is what you want them to pay more or less than the $1,500?
If less they would.
If more why would they? They gain more by not paying.
0 votes 9 answers Share Flag
Mon Apr 12, 2010
Dan Chase answered:
It hurts it. You see a market to be healthy must be free. Sometimes that means it goes a bit high, other times it means it goes a bit low. A business cycle has to be allowed to happen. All this is doing is slowing down the inevitable and stopping people like me from buying sooner.

It will keep a few undeserving people in a house they did not pay for as they agreed. But how is that a good thing?
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0 votes 24 answers Share Flag
Sat Mar 27, 2010
Bob Movin-On answered:
Well depends on what your credit is like, your income and many more factors. If you have extremely bad credit, foreclosure, short sale, deed-in-lieu-of, deed-for-lease or bankruptcy it may be a long time before you qualify. We have a program that helps people that fall under any of those categories. The program "Mortgage Training Program" through a series of steps will get anyone approved for a mortgage. The program actually has the client live in their future home as part of the approval process. If anyone is interested visit www.MortgageTrainingProgram.com ... more
0 votes 2 answers Share Flag
Fri Oct 19, 2012
Jenny A. Le answered:
What if anything can I or should I do? There are lots of "free" help and you can start here first: http://makinghomeaffordable.gov/

If I lose my home, how long will it be until I would be able to purchase again? If shortsale, 3 years. If foreclosure, 5-7 years. If bankruptcy, 10 years.

A friend of mine suggested I try to purchase something small to fall back on if I lose my home . If I did this, wouldn't the 2nd home be in jeopardy also? Yes, you would. But due to the current financial market, it would be very difficult for your to qualify for a second home loan...your current income will have to be sufficient to cover "both" loans. Even if you rent the current home, the lender would allow a max. of 75% rental income to be available for debt service. With all due respect to your friend, his/her suggestion is not a very good one.

Is there anything I can do or should I just accept the inevitable foreclosure so I can start rebuilding? You have to be ready and willing to be persistent to call and followup with your lender(s) and request them to consider a loan modification for you. You (the borrower) does NOT have to be in default to qualify for a loan modification. You only have to demonstrate "eminent" default...which as you've described, if your income drops further, you will be in default.

Get your loan number and check here to see if your loan is a Fannie or a Freddie loan: http://makinghomeaffordable.gov/loan_lookup.html ... if it is, be persistent and request for a loan modification with your lender. The lenders are NOT required to but they are being asked and financially incented by the US Treasury department to consider your loan modification.

If your loan is NOT a Fannie or a Freddie, then ask your lender for their own loan modification programs. Lenders don't advertiser this option, but alternative modification programs (in-house) do exist.

If or when you hit a brick wall (or going in circles) with the bank staff on the phone, then consider working with a non-profit housing counselor: http://makinghomeaffordable.gov/counselor.html ... these people can intervene on your behalf.

If your home is in CA, there's a new law passed in Oct. 2009 - SB94 where "advance fee" for loan modification services is prohibited: http://www.dre.ca.gov/cons_adv_fees_alert.html

There's much more to share with you so please contact me should you have further questions: Contact@ActusPropertySolutions.com

Hopes the information helps.
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0 votes 11 answers Share Flag
Sat Mar 27, 2010
Selling Buying Ryan answered:
Tue Mar 23, 2010
Bruce Erickson answered:
Another option is they can sell the home and then rent from the new investor / owner.

As for other govenment options .. at what point do we the tax payers end our bailout of homeowners who got themselves into being behind in payments.

Bruce
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0 votes 6 answers Share Flag
Mon Mar 22, 2010
Alma Kee answered:
A condo can actually foreclose their lien on a condo and take ownership. The first mortgage will stick with the property so it may not be in the best interests of the condo association to actually take ownership. Some self-serving condo association attorneys may recommend foreclosure to their condo association board because they'll earn significantly higher legal fees with a foreclosures verus a simple lien filing.

Thisis from the Florida Statutes , see link below
718.116 Assessments; liability; lien and priority; interest; collection.--

(1)(a) A unit owner, regardless of how his or her title has been acquired, including by purchase at a foreclosure sale or by deed in lieu of foreclosure, is liable for all assessments which come due while he or she is the unit owner. Additionally, a unit owner is jointly and severally liable with the previous owner for all unpaid assessments that came due up to the time of transfer of title. This liability is without prejudice to any right the owner may have to recover from the previous owner the amounts paid by the owner.

(b) The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee's acquisition of title is limited to the lesser of:

1. The unit's unpaid common expenses and regular periodic assessments which accrued or came due during the 6 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2. One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.
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0 votes 2 answers Share Flag
Sat Apr 10, 2010
Fred Glick answered:
You have a multi-tied issue. The house is in your name but the mortgage is in her's.

You transferred the property without the consent of the lender and that is a violation of the mortgage.

They actually can foreclosure if they want to.

She can't short sale it from under you because you have to sign the deed.

You need to go back to your divorce attorney and have them get you out of this jam since they did not advise you that you would be in violation of her mortgage.

Best of luck!
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0 votes 16 answers Share Flag
Mon Mar 22, 2010
Tonje Kearney answered:
Are you wanting to do a short sale? If so, list with an agent specializing in short sales and have them negotiate it. Only consult with the attorney for advise. If you use the attorney to negotiate you do two things that slows down the process. 1. You add yet another office in which you are just a number to them into the mix and 2. When the banks gets contacted by an attorney, they automatically have to send the file to their legal department which slows down the process tremendously.

You should, however, consult an attorney for advise, but using them to negotiate is not favorable. Be prepared to contribute to the loss on the heloc.

Try calling Sean St. Clair with Lassiter Law Firm 480-218-4445 or Adam Buck - 480-603-4988 for legal advise
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0 votes 6 answers Share Flag
Sat Apr 24, 2010
Patrick Howard answered:
I'm sorry for your loss. I would contact a Real Estate Attorney and/or an Attorney that deals with Estates right away. They will be able to explain your options.

Good Luck.
0 votes 8 answers Share Flag
Tue Mar 23, 2010
Ed McKeown answered:
Some will help but I'm not convinced they care about it much. To many guidelines and pressure from the Government makes them drag their feet. Especially sound local banks you think would want to help the community.
Ed
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0 votes 20 answers Share Flag
Sun May 12, 2013
Dennis Smith answered:
It is possible but not often done. It depends on the bank and their current policy and who you get to work on your file.

It is also possible for the bank simply to remove derogatory reporting. They may say they can't remove something but in fact they can.

Or, they can substitute "unrated", which is neither good nor bad. Unrated as an alternative to "paid - settled" is a great outcome but even if you can't get the bank to agree to this, it is still important to try.

Then there is another move. You can write a letter to the bank demanding this as part of the conditions for the short sale, and then continue with the short sale and complete it. That way you can then challenge the derogatory credit report afterwards and you have a shot at getting it removed based upon your letter. The bank may not have the appetite or staff to handle the challenge, and depending upon your state laws, they may have to remove the derogatory report anywhere from 10 to 30 days later.

Remember, they can only remove what is involved with them. If you have other lates or collections, you have to deal with those too. Short Sales have a much lower impact on your credit than foreclosures.

There is a new program from the government that is available next month called HAFA which is supposed to make Short Sales easier. Not all banks are participating.

Please contact me if you need more help with your Short Sale. I am a CDPE, Certified Distressed Property Expert.


Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® Lic #00476662
Taylor Place Real Estate, Carlsbad CA
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