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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. If the answer is best payday loan companies no to both of them then what the he!!

Hello, I need a strong advice regarding if i should proceed with my short sale or consider Deed in Lieu foreclosure. Our short sale was approved Nov 30th and we have til the 5th of December to sign the confirmation or otherwise it will be rescinded.

One of the condition states that we must acknowledge that Indymac retains all deficiency rights. My realtor asked the personal loan low interest rate negotiator to waive the banks deficiency rights but we have not heard anything from personal loans mn the bank, I consulter an attorney and he said that the deficiency can be negotiated even after the short sale. SOMEONE HELP ME TO online loan lenders MAKE THE RIght DECISION Hello, I need a strong advice regarding if i should proceed with my short sale or consider Deed in Lieu foreclosure. Our short sale was approved Nov 30th and we have til the 5th of December to sign the confirmation or otherwise it will be rescinded. One of the condition states that we must acknowledge that Indymac retains all deficiency rights. My realtor , I consulter an attorney and he said that the deficiency can be negotiated even after the short sale.

SOMEONE HELP ME TO MAKE THE RIght DECISION I highly doubt that you will get the bank to put anything in writing about the deficiency judgement. You can file for bankruptcy AFTER if they do sue you. Why if the bank agreed to a Short Sale do you not want to go that route? 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. You might consider strategically defaulting and walking away. I was asking for advise about liability and my ability to rent after a property forecloses two concerns that have yet to be addressed.

How long does it take before the FC will show on my credit report? Also, by reading other posts, it sounds like it is still taking a while for the banks to actually foreclose on properties, which means I should have adequate time to save money and locate a rental before my credit score takes a big hit.

Should I be considering the Mortgage Tax Relief act? Just not sure if I should be considering the possibility of having to pay taxes on the principal amount I walk away from. I live in California and know this is a nonrecourse state so would that make the difference? I recommend you consult with your tax person reference potential IRS liability due to CODI. On 1 June 2013, he servicing rights transferred from BofA to Greet Tree LLC with NO NOD! I have heard many reasons why some institutions are taking too long: back log, mis-handling the paperwork, etc. I have recently read that some banks are waiting until the prices rise.

Imunderwater: The process can be as quick as a year to as long as... I havent heard too many people (recently) say they had trouble renting after going through the process. In fact, the last couple of years has unfortunately made Short Sales and FCs relatively common place and many renters presumably understand.

Would you happen to know how much time one has after the NOD is filed?

I filed for bankruptcy in 2010 and elected to stay and pay at that time in the hopes my value would come back to where it was before. Anyway, any information you might have relative to Seterus and the NOD timeline would be greatly appreciated. To get the average time from the filing of a NOD until the trustee sale in your market, you might visit the ForeclosureRadar site, and plug in your zip code. Imunderwater: According to my research, NOD to NOTS has a max of 120 days (minimum of 30 bad credit long term installment loans online after your receive the NOD). I have heard people online loan lenders who have received NODs, but havent gotten word on a trustee sale in over a year.

And to make things even more indeterminate, with with a NOTS filed, the trustee can cancel or postpone the trustee sale as well. 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.

In particular, the deed grants the lender (the mortgagee ) full rights to the property title to satisfy the conditions of the loan.

Such agreements are a common form of mortgage contract settlement.


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In general, a deed is a right granted by a legal contract based upon mutual agreement therefore, a deed-in-lieu must be based upon voluntary agreement in good faith. In cases where a borrower lacks sufficient assets for a deficiency judgment, the lender will often pursue a deed settlement independent of court proceedings.

Under certain conditions, a deed in lieu of foreclosure can offer several advantages to the borrower and lender alike. If agreed to by both parties, the lender is then able to assume ownership of the property, creating a more efficient process by limiting court costs and waiting periods involved in standard foreclosure processes. Standard foreclosure procedures can take years to court and are further complicated by personal bankruptcy declarations, which can be relatively common in such cases. For a borrower facing foreclosure, the deed agreement can relinquish him or her from underlying debt, thus removing the foreclosure record from a credit record and reducing the need for a declaration of personal bankruptcy. Lenders also benefit in terms of improved settlement efficiency, which greatly reduces the time, cost and potential complications that would otherwise be involved in a repossession procedure. In order for the agreement to be reached, the appraised market value of the property must be less than the outstanding debt from the original agreement, and the property must not be subject to any 3rd party creditor claims or liens. The recent housing market challenges have reflected a coalescence of these factors, which have made deeds-in-lieu a common instrument for borrowers facing foreclosure.

Technically, to proceed with a deed-in-lieu both parties must agree to and sign both an Agreement in Lieu of Foreclosure, which outlines online loan lenders the terms of the deed, as well as the deed itself, which transfers legal ownership of the property. In certain situations, a borrower may pay to reduce the debt to ensure they maintain their credit rating. Once the agreements are reached, the lender then classifies the original loan as paid and issues a waiver to deficiency judgment, which would normally go into effect in case sale of the property results in an amount less than the debt. A online loan lenders third party escrow service then executes the agreement, thus releasing both parties from their original contract.

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 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 online loan lenders of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Just found this site last night.... The first is with Countrywide and the second was with CW but was sold to Citimortgage. I have to move and selling is just not going to happen. In the letter I want to offer a deed in lieu of foreclosure. I could use some help with knowing just what exactly to say and what address such a letter would go to and to whom it should be addressed. Thank you, Shonokin I was getting ready to offer the deed in online loan lenders lieu to Countrywide.

I was told by a laywer they could come after me later for the debt??? Same as I have read from so many it is all a big joke. I have written my hardship letter and have defaulted now 3 mo. Go up to the top of this column, click Deed in Lieu... To some degree online loan applications it is almost not worth it to do a deed in lieu... You have to submit financial paperwork, hardship letters, the house has to be listed for 3 months or more....