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Emotional and Psychological Aspects Of Debt And Foreclosure
Who To Pay When You Can't Pay Everyone - Crisis Cash Allocation
Ten Ways To Avoid Foreclosure Before It Ever Starts
Why Foreclosures Can Be Worse than a Natural Disaster
Myths About Home Foreclosure
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Foreclosure vs. Bankruptcy When You Can't Keep The Home
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Deed In Lieu Of Foreclosure FAQ


Written By: Mory Brenner Esq.

PART THREE >> Return to Part Two >> Return to Part One

Life After Deed In Lieu of Foreclosure and getting help with your Deed In Lieu


Q. Will I ever be able to buy another house once I have done a deed in lieu of foreclosure?

A. Yes, but it may be years, and when the time comes you may need a large down payment. You will likely need to work mortgage brokers who specialize in bad credit mortgage loans rather than local banks and even then it may be difficult.

Q. Where do I live after I have given the house back?

A. Most people find a home or apartment to rent.

Q. How soon do I have to move out?

A. That is part of the negotiation, but not too much time. Maybe 10 to 90 days to give you a wide
range.

Q. Why would a bank want to do a deed in lieu of foreclosure if I pay nothing on the deficiency?

A. The main benefits for the mortgage holder in accepting a deed in lieu of foreclosure involve saving
time and their own expenses. Going through the foreclosure process from start to finish takes a long
time, thousands of dollars, and leaves a stigma on the house they must market if they buy it, which
most often happens at the auction.

Q. When should you start pursuing a deed in lieu of foreclosure?

A. You should start the steps as soon as you can. Once you know keeping the home no longer sits as
a goal, the homeowner should quickly get professional guidance and start the prerequisite short sale
process. Remember the key for the bank involves saving time and money. The more money they spend
on collection attempts and the foreclosure action and the closer it gets to the sale the less incentive
they have to elect a deed in lieu of foreclosure.

Q. Does it ever get too late to try for a deed in lieu of foreclosure?

A. Frequently, I often talk to people within a week or two of the foreclosure sale who finally decided
they could not keep their home and heard about the deed in lieu of foreclosure option. They waited far
too long. Figure you need 2-8 weeks just for the deed in lieu of foreclosure negotiations. Add that to
the 60-90 day short sale process and you start to understand how early one needs to get going for a
successful deed in lieu of foreclosure.

Q. What if I listed the house because I thought it would sell and only after the failure of the sale did I
think about a deed in lieu of foreclosure, do I get credit for attempting a sale?

A. Yes, especially if the listing price was coordinated with the lender.

Q. How long does a deed in lieu of foreclosure stay on my credit report?

A. Seven years, but how that effects you depends on what you do to improve your credit score
afterwards.

Q. What if things are so bad I cannot even afford to move?

A. In some cases the bank may even contribute toward moving expenses to get the deed in lieu done.
This should be a part of the contract at the time of the deed in lieu negotiation.

Q. What if my spouse and I no longer speak and they gave up the house long ago. Can I do a deed in
lieu of foreclosure on my own?

A. If the deed to the home has multiple names on the title than everyone named must agree to the
deed in lieu. Therefore even if someone has not paid anything or lived in the house for decades, if
their name remains on the deed they must sign off to allow a deed in lieu of foreclosure to occur.

Q. I have two mortgages; can I do a deed in lieu of foreclosure?

A. In theory, but it becomes much harder. One of two things could result in a successful deed in lieu
with two mortgages:

  • The second mortgage maintains a strong enough equity position that they accept the deed in lieu
    of foreclosure. In these cases they would end up paying off the first mortgage at some point.

  • The second mortgage has so little value to their mortgage that they walk away for free or a small
    payment, you than give the deed in lieu of foreclosure to the first mortgage holder.

Q. What if the second mortgage holder will not agree to anything or I do not have the money to give
them even a small payment, yet the first mortgage stands ready to accept a deed in lieu of foreclosure?

A. You need all parties to agree to a deed in lieu of foreclosure. That means all the people on the deed
as well as all secured creditors.

Q. Is there any law to force a lender take a deed in lieu of foreclosure?

A. No, they must agree to it on their own terms. There are no laws or regulations for when or how they
must accept a deed in lieu of foreclosure. Chapter 13 or Chapter 7 bankruptcy filing stands as the only options you may cram down the lenders throat.

Q. Where can I find someone trustworthy to help me with a deed in lieu of foreclosure?

A. We have a network of independent professionals we work with. Use the form on the top of this page
for us to match you with a deed in lieu of foreclosure professional. If you would rather use a
bankruptcy lawyer who may have experience with deed in lieu of foreclosure negotiations call 877-219-3201
to connect with an attorney in your area.




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