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A deed in lieu of foreclosure would be impossible because you technically no longer own the home. You just have the mortgage contract that is no longer backed by the property and the 1st mortgage has the deed. This investors issue is with the first mortgage whom he must work out a deal to get clear title. There is no formula persay on what you would owe in taxes, but the amount will be based fast payday on the difference of what the home was sold for minus what you owed at the time of foreclosure. The Mortgage Forgiveness Debt Relief Act of 2007-2016 only applies to forgiven debt or foreclosures that are nonrecourse so you should be good to go. My only concern is the HELOC which I assume was a loan you refinanced after the purchase? The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information short term loan calculator fast cash payday loans you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our My understanding is that the new owner would have to buy out the first mortgage or bring it current before he gains clear title on the property.

A deed in lieu of foreclosure would be impossible because you technically no longer own the home. You just have the mortgage contract that is no longer backed by the property and the 1st mortgage has the deed. This investors issue is with the first mortgage whom he must work out a deal to get clear title. There is no formula per say on what you would owe in taxes, but the amount will be based on the difference of what the home was sold for minus what you owed at the time of foreclosure.

The Mortgage Forgiveness Debt Relief Act of 2007-2016 only applies to forgiven debt or foreclosures that are nonrecourse so you should be good to go. My only concern is the HELOC which I assume was a loan you refinanced after the purchase? AZ is a non-recourse state, so we should be good on that with no tax consequences.

Am confused on this You just have the mortgage contract that is no longer backed by the property and the 1st mortgage has the deed.

And the house is transferred to yet another new bidder. The problem I see that even if you can do a DIL is that they know you are out of the home and not in possession. They are debt collectors and do what is best for them. Normally a deed in lieu is so they do not have to go through the cost and trouble of a foreclosure, so you deed it back to them.

They will most likely work a deal with him and then deal with you later or write the debt off. Heck, maybe you will be number 11 The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our The problem I see that even if you can do a DIL is that they know you are out of the home and not in possession. They are debt collectors and do what fast payday is best for them.

Normally a deed in lieu is so they do not have to go through the cost and trouble of a foreclosure, so you deed it back to them. They will most likely work a deal with him and then deal with you later or write the debt off. Heck, maybe you will be number 11 Thanks Moe, yeah I scoured the forums for other members where the Heloc lender foreclosed, leaving a remaining lst mortgage hanging around. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Since 2007, the LoanSafe fast payday forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

This amazing easy Course help you feel in the Court confident and calm. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. We put them into a short term program to allow them to repair the credit and will refinance once credit is up into a more affordable program. This program does go all the way down to 500 FICO but in most cases we see approvals higher than 520. If you would like more info, please give us a call. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

We ceased communication with the lender at that time. I understand a charge-off does not mean a lien release or debt discharge so we waited a few months to make a second offer to settle and release the lien.

I think that the lien was released and you may have just hit the mortgage lottery.

But you might owe taxes on the debt unless it was part of a bankruptcy and discharged. You can search the title records online via your country recorder website. Most often it either cannot be found or the county records have not been updated. The only other way is through a title search by a title company. The comments by me and the materials available at this web site are for informational purposes only and fast payday not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through payday advance loan this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our I instant unsecured loans for bad credit think that the lien was released and you may have just hit the mortgage lottery. But you might owe taxes on the debt unless it was part of a fast payday bankruptcy and discharged. You can search the title records online via your country recorder website.

Most often it either cannot be found or the county records have not been updated. The fast payday only other way is through a title search by a title company. The full reconveyance IS posted on the county website so YAH-DAMN-HOO!

Still it beats the heck out of how to get a personal loan with bad credit paying the whole debt. The HELOC was a ten-year interest-only with a balloon about to be due when I came across this forum. There was no way she could make the balloon or refi at the time.

Now you can move on to more productive ventures and put this all behind you. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information how to get a loan without credit you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Since 2007, the LoanSafe forums have helped millions of homeowners payday loans jacksonville fl over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I wanted to report our success in obtaining a loan modification working with SPS. Our interest rate and monthly payment was reduced approx. Honestly we loans houston tx would not be able to stay in our home without this modification.

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