Will bank take back property with deed in lieu of foreclosure? will this hurt my credit?
Saturday, February 19th, 2011 at
6:09 pm
I have 2 rental properties both of which are in danger of being forclosed. I have trid to sale and to rent to them to no avail. I have heard of deed in Lieu of foreclosure. How does this work? I do own one other property which has some equity. Will bank take deed in lieu of foreclosure and forgive any remainging debt or will they go after me for any shortage?
Thanks for the responses so far.
I have the properties on the market and have had no offers. Even willing to sell $20,000 below what I paid which will be a net lose of $40,000.00 There are a ton of similar properties on the market, very few are actually selling and more are coming on the market. I have run out of cash. This looks and feels like doom.
Quick Property Sale
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Tagged with: Avail • Deed In Lieu • Deed In Lieu Of Foreclosure • Rental Properties
Filed under: rent property
hier gaat u.
Alvorens om met de verhindering te verkiezen te gaan, zou u een paar andere opties eerst moeten onderzoeken. Het herfinancieren is de optie die de meeste huiseigenaars eerst proberen, maar het krediet/het inkomen en vast het lenen hebben de meeste huiseigenaars van op dit ogenblik het kwalificeren voor een lening uitgesloten.
You need to call your lender and ask this question, as many lenders differ in procedures. Not all banks will accept your request to do a deed in lieu of foreclosure. Unless a person on yahoo works at the lenders you are about to go into foreclosure with, they will not be able to answer this question correctly.
What you can do is put the house up on the market RIGHT NOW, CALL AN AGENT, RIGHT NOW!! You can advertise in the paper something along the lines of “buy my house before it forecloses”, which will attract investors. The investor may try to negotiate a short sale with the bank (the bank may or may not accept that). In the negotiation from the buyer, there should be a clause added in the offer that states if the lender accepts their offer for a short sale, that the lender will not try to sue you for any deficiency balance, or take any further recorse against you for fees. This is done frequently in Ohio where I moved from. The legal clauses and forms may vary from state to state, and should be reviewed by a real estate attorney. Most real estate attorneys don’t charge too much to review a document (the one I had look over my contracts only charged $25 per document).
If the property is in NC or SC, you can also advertise it on my site for free:
You should do whatever it takes to stay out of foreclosure. You may want to consider contacting an attorney as well and see what your options are financially as well as legally.
Hi, I’m a real estate agent in California’s San Francisco bay area.
Good answers so far, but why can’t you rent or sell?
Do you want to keep the properties? If so, and you have no money to fix them up if needed, get a second mrtg. if you can and do so to some extent.
Contact an agent in your area and see if they have clients to rent, or what they’ll list it for if you want to sell.
In the months ahead and after Christmas, it’ll be a better market for sellers.
Some are taking negative news on real estate to serious. it’s not “the sky is falling” scenario for everyone.
Every year at this time, there’s a real estate shake out of one type or another. So hang on if you possibly can, because it will affect your credit for a long time to come, and there’s nothing like owning real estate.
Sincere best, Richard