What is Mortgages and Foreclosures
This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in ho...
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Deed in lieu
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Hi, I'm new to the group. Like many of you, I have been laid off my job. I've had numerous health problems in the last couple years, so haven't been able to save that "emergency financial cushion." My house is worth more than I owe, and I would like to give it back to the mortgage company, rather than have them foreclose. I understand that this is slightly easier on your credit. I guess this is called "deed in lieu" (of foreclosure). Has anyone else done this? I understand that they will do an appraisal, and that they would rather have the cash than take the house back--but I think even in today's market, they would come out ahead selling my house themselves rather than foreclosing and auctioning it off cheap. Does anyone know if you need an attorney to do this, or can you just propose it to the mortgage company yourself? Any advice or experiences would be appreciated. Thank you!
Posted on 02/10/09, 06:02 pm |
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An attorney is good to have... but if you cannot afford one... there are programs that may be able to provide you with legal services. Please look into them. 
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The servicer/investor will only accept a deed in lieu after trying to make a wokrout feasible. And then only after you list the property and try to complete a short sale. In most cases the property would have to be listed with an agent for a minimum of 90days. Call and ask for the liquidation department. Thank you, for facing your problem and knowing you can not afford the property, and not asking for everyone to bail you out. For others, a modification can not make a property affordable for someone who will not have income in the future. (i.e. unemployment runs out) . How can it, think about it,,,,,you don't need an attorney.
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All I can say is don't hold your breath!!! They most likely won't do it, at least that has been our experience with Chase. Oh we had two reps say "oh yea, just put the house up for sale for 90 days and then you can do it" but then we received our foreclosure summons so I called Chase since I hadn't heard anything about the deed in lieu and the rep was rude and told me my husband must have just heard what he wanted to hear when talking to the previous reps and that Chase rarely does that. When I obviously was upset by his statement and said that they needed to have their associates be more clear if that is the case and that I know my husband did not misunderstand what they said, he proceeded to tell me I was not going to talk to him that way and he put me on hold. So good luck!
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