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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]
Mon Oct 1, 2012
Ron Thomas answered:
This would be a good question for your Bank's LOSS MITIGATION DEPARTMENT; not us.
You may not have any choice in the matter.
0 votes 4 answers Share Flag
Tue Oct 2, 2012
Liliana Alfonso answered:
Dear Packard,
You have the option to do a short sale. You can call the lender and ask them if you can get a package to get the process started. Then, you will need to hire an agent to negotiate the short sale on your behalf. You need to speak to your CPA to ask questions related to tax liability. There's a law in effect till the end of the year that protects the homeowners who do a short sale to be pursued by a deficiency.
Please feel free to email or contact me with any questions.

Liliana Alfonso
Rodeo Realty
Short Sale & Foreclosure Resource Certified
HAFA Certified
818-414-0396 cell
818-761-7277 fax
DRE # 01759367
... more
0 votes 14 answers Share Flag
Wed Sep 26, 2012
Sharon Wayman answered:
As realtors we can't advise on legal issues, however if your name isn't on the documents I wouldn't think so.Has she contacted her mortgage company to request doing a short-sale, or deed-in-lieu. She will have to submit hardship letters, etc. ... more
0 votes 6 answers Share Flag
Mon Nov 11, 2013
Gail Gladstone answered:
The seller needs a Certificate of Occupancy to sell unless on an older home there is a Deed in Lieu.

Seller should go through a title company to meet requirements in order to sell.
0 votes 6 answers Share Flag
Sun Oct 28, 2012
Nenita Tee answered:
Did you quit claim deed in lieu to the bank? It is better to ask from a lender so that they have to do the due diligence for you to get a loan.
0 votes 5 answers Share Flag
Mon Jan 27, 2014
Tim Zielonka answered:
Consult an attorney right away! A Realtor should never advise you to stop paying your mortgage. You're in a very dangerous situation. Walking away from the property and doing a foreclosure will severely damage your credit, and you may be left on the hook for the remaining balance of the loan after the bank resells the property after it has foreclosed.

The relocation may be enough to get you qualified for the short-sale. I'm also sorry to hear about your disastrous experience with your current Realtor.

Keep in mind that your credit will take a slight beating as a result of the short sale. However, it will not be nearly as bad as it would if you go through the foreclosure.
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0 votes 17 answers Share Flag
Wed Mar 18, 2015
Laurie Christofano answered:
Many people have done this, but an article I read yesterday points out that this is considered mortgage fraud and they will be going after people who did this, and they're not only looking for money, they're looking to jail people who have done this. If you have a legitimate hardship and cannot afford the home, then a short sale would be a good option for you, but you won't be able to turn around and get a new mortgage right away.
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0 votes 10 answers Share Flag
Tue Sep 18, 2012
My NC Homes Team answered:
It's likely to be several months before it comes on the market as there may be title issues that need to be resolved or simply because banks are slow to process their foreclosure holdings.

If it's a small local bank you could try contacting them, if it's a larger national bank don't bother as you'll never find anyone who has any idea what you're talking about.
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0 votes 2 answers Share Flag
Sun Sep 16, 2012
Nick Socha answered:
You sound like you have alot of questions and concerns. I'd be happy to discuss them with you.

Give me a call @ 310-647-7785

Nick Socha
Century 21 Amber Realty
#01831474 ... more
0 votes 6 answers Share Flag
Thu Oct 23, 2014
Nick Socha answered:
It depends. I do have a lender who can close loans immediately after a short sale, but it's on a case by case basis.

Give me a call to discuss your situation.

Nick Socha
Century 21 Amber Realty
DRE #01831474
... more
0 votes 29 answers Share Flag
Tue Mar 12, 2013
Kevin Sipe answered:
In my opinion Lease-Purchase Agreement (LPA) is a more appropriate terminology as Lease versus Renting conveys the significance of the arrangement more accurately.

Lease-Purchase bears certain risks and offers benefits to both parties. As with any business arrangement, the success of the agreement relies on the validity and comprehensive nature of the contract, the durability and reliability of the participants to the agreement, and the circumstances and intent the agreement is arranged. It is well adivsed not to attempt to cut corners with do-it-yourself forms, avoiding contracts or the advise of qualified professionals familiar with LPAs. This includes an attorney, accountant, financial planner, or banker, and a real estate agent.

Often LPA are established from an existing relationship (such as a tenant-landlord) in which a pay and tenant history is establihed and the desire or opportunity to sell the property arises. It also requites the property owner to be willing to assume risk as a mortgagee.

Benefits to the Purchaser/Tenent-
LPAs may offer the opportuntity to aquire ownership to a tenant who may not be able to acquire conventional or conforming financing. Often the cost of LPAs can avoid or reduce certain costs associated with mortgage financing and real estate agent broker fees. Financially, the tenant retains the benefits from investments in any home improvement if the contract is executed fully. Another benefit is the tenant is already familiar with the property and does not have to search and or move. Upon satisfaction of the agreement, the tenant becomes the purchaser and obtains ownership of the home and the payments made contributed to their net worth.

Benefits to the Seller/Property Owner-
As a mortgagor the seller essentially annuitizes the value of the property receiving a scheduled monthly income for the period of the contract. This may be a beneficial tax or financial planning strategy. As a property owner the secured interest of the tenant / buyer may eliminate the risk of excessive wear and tear and repair costs. The tenant bears the expense of repairs and therefor more likely to treat the property as their own.

Risks are inherent with LPAs-
This risks can partially be mitigated with a well thought out contractual agreement and due diligence. It should be understood that the buyer / tenant in most circumstances bears the risk of loss of capital investment. Seldom have I seen the return of any investment or payments to the improvement of property in agreements with disintretested (not family related) parties.

Costs associated LPAs
Often people mistakenly assume that an LPA will avoid closing costs. Having independent real estate or legal representation in the interest of both parties is recommended. There are fees associated with the drafting of a valid enforceable legal contract compliant with the state or district laws. The agreement and mortgage note have to be filed at the county court house. Title examination and insurance is important to protect the buyer's interest and protect against an unforsean claim on the property that pre-empts the purchaser's interest. Inspections of the property to help the buyer make a well informed decision about the agreement. Upon the satisfactory completion of the agreement transfer of the deed of trust are filed at the county court house.

When LPAs work they work they work well for both parties as long as their interests remain durable and needs or goals do not change contrary to the established agreement. When LPAs go wrong or the document drafted can be easily litigated such arrangements have been know to be costly and troublesome.

My choice would be to obtain conventional or conforming financing on a qualified property in lieu of an LPA. The establishment of ownership is finite and the mutual risk is mitigated. I would consider LPA only in a circumstance with special circumstances or if I were willing to assume the risk as a mortgagee and both parties had the ways and means to enter the agreement properly with the proper due diligence.
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0 votes 1 answer Share Flag
Fri Nov 2, 2012
Ron Thomas answered:
Foreclosures are handled by Realtors:
The Banks design it that way, because they do not want to get in the middle of a complicated Escrow and have the deal fall through.

You need to find a Buyer's Agent to represent you and find your house.
The Buyer's Agent costs you nothing.

Good luck and may God bless
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0 votes 4 answers Share Flag
Wed Nov 21, 2012
Bernard Gibbons answered:
You really never know what is going on during the course of a transaction. It may be that everything you were told was correct but subsequent inspections may have revealed a sufficiently serious defect to justify the sale price being renegotiated. ... more
0 votes 15 answers Share Flag
Sun Sep 9, 2012
Scott Godzyk answered:
First thing is no one can just start garnishing your wages without a court hearing. If they are making illegal collection threats you can make a complaint with the FTC and your states attorney general's office. They can not threaten you with that or makie illegal collection attempts. Now where it is an investment property and not your home, your choices are a little limited howeve choice 1 is if you are in a hardship and can not make the payment try a short sale to sell it. If you can make payments an just want to dump it becuase it is worth less than you owe, you may want to see a lawyer. If you have other assets they may be able to TRY to collect the difference in a foreclosure. Let a lawyer go over your legal choices and rights to get some directions. To give you time to think without be threatened, put in writing for them tocease collection activity to your home and work in writing. good luck ... more
0 votes 4 answers Share Flag
Fri Sep 28, 2012
Spirit Messingham answered:
Most likey yes. Please talk with a lender to get pre-approved & then click on the profile(s) of the agents that take the time to answer your question. You can read past reviews written by past clients to get an idea of what kind of agent I am & I would like to work with you.
I can recommend Paul Volpe, Vice President at Nova Home Loans, (520) 241-4048. Give him a call, he will answer your questions & see about getting you approved & for how much. There is no cost nor obligation for you.

Good luck. Buying a house should be an exciting & educational process.

Spirit Messingham
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0 votes 19 answers Share Flag
Wed Sep 5, 2012
Keisha Mathews answered:
Hi Mari

That is so unfortunate.

I would first contact the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) and explain the matter to see if you can get some assistance.

Once the property has been foreclosed, you must vacate. There is no guarantee that you will receive cash for keys or an opportunity to rent the property back. You'd be taking your chances.

If you cannot rectify the matter through the means above, also try a real estate attorney. I recommend:

Steve Beede
BPE Law Group, Inc.
Main: 11140 Fair Oaks Blvd., Suite 300,
Fair Oaks, CA 95628
Satellite: 9245 Laguna Springs Dr., Suite 200,
Elk Grove, CA 95758
(Appointment Only) (916) 966-2260

Hope that helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
lic#: 01439130
... more
0 votes 3 answers Share Flag
Fri Sep 7, 2012
Steve Mikrut answered:
Tue Aug 28, 2012
Scott Godzyk answered:
Until the foreclosure is final, you are responsible for that condo fee. The worst thing is if you do not pay, the HOA could stop any services to you if it is included in your payment such as heat, water and parking. You would be better have to sell it through a short sale or worst case negotaite a deed in lieu of foreclosure. ... more
0 votes 2 answers Share Flag
Mon Aug 27, 2012
Ann Marrese asked:
Mon Aug 27, 2012
Dan Tabit answered:
No one can say until you go through the process. You have the choice once the home is under contract and the bank has approved the sale, if they request a deficiency judgment you can decline, allow it to go into foreclosure or negotiate. Get an experience short sale expert to assist and advise you. You should also have an attorney consultation regarding all the ramifications of a short sale. It's a bid decision, you need first hand advice. ... more
0 votes 2 answers Share Flag
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