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Deed In Lieu All Locations : Nationwide Real Estate Advice

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Showing results for Deed In Lieu [Clear search]
Thu Jun 5, 2014
christine librach answered:
Hi Mark,
I have a wonderful loan officer who specializes in FHA and post BK's, Short Sales, and Foreclosures - her name is Evangeline Scott, with Big Valley Mortgage, and her contact # is (916) 496-0160 - If anyone can help she'll be able to, let me know how it goes. ... more
0 votes 12 answers Share Flag
Sun Jun 1, 2014
Frank & Sharon Alters answered:
Hi Geetaogale,

According to all the lenders I deal with, you have to wait three years after the foreclosure. That said, if there are circumstances, and a lender has time, you can work through to have it waived. Get in touch with your banker to see if they can help you.

Hope this was helpful.

Best regards,

Sharon Alters
Coldwell Banker Vanguard
904-673-2308
sharon@teamalters.com
... more
0 votes 8 answers Share Flag
Fri Oct 19, 2012
Daniel Alvarez answered:
Are you aware of the HAMP loan modification program?

If you were denied a HAMP loan modificaton then you'll likely qualify for HAFA (HAMP denial is a prerequisite in order to get accepted into this program). Ocwen is on the list of participants.

HAFA rundown:

1) You must first attempt to short sale the property for a minimum of 120 days before a deed in lieu
2) You will be granted up to $6,000 in relocation money regardless of whether you short sale the property or give the deed in lieu
3) The lender would have to waive any and all deficiencies.

Your best bet right now is to find a counseling agency on the makinghomeaffordable.gov website and have them work this file and get ocwen to play fair.

Good Luck. Please feel free to share any updates. I hope it works out for you.
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0 votes 1 answer Share Flag
Mon Oct 22, 2012
Alan Martin answered:
there are lots of options for a person whos home is in forclosure, short sale, re finance, deed in lieu. When I have been involved in cash for keys, the cash payment is only available if you leave the ' fixtures' so you will need to leave stove,dishwasher, built in microwave, cabinets, light fixture etc to qualify. If you talk with your lender they will guid you as to how thys would like to proceed. Take advice from an attorney . A one off session should suffice. If youo deternine that a short sale is the best way forward for you then please get in touch. My office has completed over 150 short sale and we are pretty good at getting th eright result for all stakeholder.

www.frontlinefloridarealty

Alan@frontlinefloridarealty.com
407 832 4888
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0 votes 3 answers Share Flag
Wed Oct 17, 2012
Ann Ryan answered:
Alysmama,

Are you the only one listed on the loan? If you're the only one on the loan, than your income is what they'll come after. However, any joint property - savings, investments, etc. could be an issue. If you haven't, I strongly recommend that if you opt for a short sale, you utilize a professional negotiator. They do hundreds of these transactions, and can get the job done. Best of all (for you) they buyer usually pays, either in the purchase price, or as a separate fee. Give me a call, and I'd be happy to give you some names.

Ann
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0 votes 3 answers Share Flag
Thu Apr 3, 2014
Alan May answered:
If you're borrowing the difference from your mother, then "yes". If you're planning on borrowing that amount from a traditional lender (ie: bank)... they'll want some sort of collateral against the loan. ... more
0 votes 8 answers Share Flag
Sun Jan 6, 2013
Stephanie Stewart answered:
Hi Bcamire,

I'd like to refer you to this article. It gives great information and advice.

http://www.nolo.com/legal-encyclopedia/short-sales-deeds-lieu-foreclosure-30016.html

You can call me personally if you'd like. I work between Batesville and Oxford everyday.

I hope this helps,
Stephanie Stewart, Realtor
662-816-1217
... more
0 votes 1 answer Share Flag
Thu Oct 9, 2014
Phil Zimbardi answered:
You might not have an obligation, but the Probate proceeds might be negatively effected a great deal. Its usually recommended you try to work it out with the lender through a loan assumption, short sale or deed-in-lieu . ... more
0 votes 3 answers Share Flag
Tue Aug 18, 2015
Charles Lewis answered:
Deed in lieu! The most damage is being past 90 days late but a deed in lieu is a friendly short sale.
0 votes 5 answers Share Flag
Mon Oct 8, 2012
Emily Knell answered:
Unfortunately is the Mortgage Debt Forgiveness Act is NOT extended for another year, you're damned if you do (complete the short sale) & damned if you don't (& let it go to foreclosure).

The Aliso Viejo Patch.com posted a question today; "If you had the opportunity to ask a question at the next Presidential debate what would it be"....my question had EVERYTHING to do with getting the Mortg. Debt Forgiveness Act extended for another 4ys, not just 1yr. See my answer here (sorry there are a lot of posted questions by now, scroll down)

http://alisoviejo.patch.com//articles/patch-is-collecting-questions-for-obama-and-romney-during-next-debate

If the Act is not extended which I think would be utterly Stupid & if this home is your primary residence you still have the ability to file IRS form 982. Talk to you CPA about this.

The Anti-Deficiency law (SB 931) is not expiring at the end of this year.

You should still continue with your short sale. DO NOT DO A DEED IN LIEU it is the SAME as having a Foreclosure on your record & will increase the time in which you could reenter the the market to build equity back up from the bottom!!

Shoot me an email directly should you want to discuss this further. I don't look back on this same Trula posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
100% short sale success ratio
& I can Prove it
... more
0 votes 1 answer Share Flag
Tue Jan 15, 2013
Ray Wright answered:
Cash-for-keys (relocation assistance) is completed typically to get you to move out within a short period of time and leave the home free and clear of any trash or debris. There are certain other stipulations in the Move-Out Agreement and each one has a different amount and similar terms. There are also relocation assistance programs for foreclosures and short sales as well, however each bank is different and it all depends upon the individual servicer/investor involved as well.

Before doing a Deed-in-Lieu, your best option is to get with a Pre-foreclosure Specialist and conduct a Short Sale. It's also the right thing to do. But you better hurry, it sound to me like you don't have much time. Feel free to contact me if you'd like to discuss your options more in detail.

Good luck!

Ray Wright
Realtor/PSC/SSIC
Keller Williams Realty
951-354-1303
Email: RayWright@kw.com
... more
0 votes 3 answers Share Flag
Sun Oct 7, 2012
De Vonte Williamson answered:
Hey Nicole. If a Deed in Lieu was done, the chances are very slim that you will be able to "legally" purchase the property. In my experience, it all depends on the bank. You can contact the bank and ask them. However I must advise you to consult with an attorney on the issue before hand. He or She will be able to answer any legal implications, concerns, or restraints concerning the purchase of a family members home that is now "Bank Owned."


I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
cbmoves.com/DeVonte.Williamson
"I Stand Behind Getting You Results!
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0 votes 3 answers Share Flag
Thu Oct 4, 2012
answered:
Hi Cindy,
As a lender on the buyer side of a transaction, the seller to whom my client was buying from received $30,000 from his lender at closing. This was a short sale. Not sure if this helps nor am I certain if the banks are doing it for deed in lieu.

Cecelia Marlow - Vice President
The Federal Savings Bank
312-738-6294 direct
www.yourhomeloanpartners.com
... more
0 votes 1 answer Share Flag
Wed Oct 3, 2012
Lester S. answered:
I am a Certified Short Sale Expert, call me to discuss your options.
0 votes 5 answers Share Flag
Sat Oct 6, 2012
Rich Homer answered:
Best to look for a local Real Estate Broker under "Find a Pro in the header of this website. http://www.NaplesRealEstateGuys.com
0 votes 9 answers Share Flag
Mon Feb 18, 2013
Angie Rowland answered:
I am an agent and not a lender so please keep that in mind but I have ran into this problem with buyers in the past. In the case of my FHA buyers the issue was that the short sale was reporting incorrectly to the credit bureau. This is a correctable problem that your lender should be able to guide you through. Also, try calling the credit bureau direct and find out what steps you should take to correct it. You will want to have your short sale approval letter(s) available as proof. Remember there are 3 bureaus to contact. Good luck! ... more
0 votes 2 answers Share Flag
Mon Feb 11, 2013
Keenan Driscoll answered:
0 votes 10 answers Share Flag
Thu Oct 4, 2012
Paul Combitsis answered:
Alicia,

There is no clear-cut answer, however, if you're simply asking about TRENDS and an "on the average" sort of answer, I would say the short sale. Someone could be in a short sale situation not necessarily because they can't pay their bills, but because they need to move (say, a job relocation) and their house is worth less than what is owed on it. In the case of a foreclosure, most of the time this is the result of a homeowner not being able to pay their mortgage every month, no matter WHAT the reason. Again, it could be something that is beyond one's control (e.g. a single mom going through a divorce; she may have gotten the house, but she can't afford the monthly payment), but foreclosure does carry a negative connotation to it. In either case, some explanation to the landlord might be in order if asked about it.

Paul
... more
0 votes 11 answers Share Flag
Thu Sep 24, 2015
Jeanne Feenick answered:
It is more difficult. I've worked with some folks in your shoes and it has helped to "tell the story" - so that the credit report does not stand alone. Work with an agency that has the patience and willingness to help you.

In the end, it is the landlord's decision. You'll need to convince them that you can be counted on to pay your rent on time and without interruption in spite of your past hard times.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpased Results
... more
0 votes 17 answers Share Flag
Fri Nov 23, 2012
Carla Pennington answered:
You can't be discriminated against because of the size of your family, except that the property code here says that there can be no more than two people to a bedroom on the lease. But just because you have children is not a reason a landlord can use to not rent to you.

Pets are another story - as well as smokers in the residence. You will need to look for houses that allow pets or smokers if that applies.

Your Realtor can filter the search for properties that allow pets and/or smoking.
... more
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