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Deed In Lieu Countrywide Rental

chatterweb
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The last post in this topic was posted 6431 days ago. 

 

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chatterweb

chatterweb

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Posted

When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...


chatterweb

chatterweb

Posted
  • Author
Posted (edited)
As far as I know a DIL reports as a foreclosure. Negative reporting last for 7 yrs. We were not offered a DIL until the 3 days before the sheriff sale of the foreclosure process.

 

Tammy

 

 

Ok thank you, I figured it was a credit hit.

 

We will just ride out the storm, not going to take a hit on our credit!

 

I could always hire a PM for the property if my Mom needs my help more later on, more tax deductions...

 

Thanks!

Edited by chatterweb
fla-tan

fla-tan

Posted
Posted
When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...

 

chatterweb

 

Rather than give the house(s) back, talk to your attorney about a loan modification. I will be putting a loan modification primer together and pinning it either here or in the Mortgage Forum, or both. A loan modification does not have to negatively affect your credit while a DIL most definitely will.

 

 

fla-tan

chatterweb

chatterweb

Posted
  • Author
Posted
When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...

 

chatterweb

 

Rather than give the house(s) back, talk to your attorney about a loan modification. I will be putting a loan modification primer together and pinning it either here or in the Mortgage Forum, or both. A loan modification does not have to negatively affect your credit while a DIL most definitely will.

 

 

fla-tan

 

Thank you,

 

We have no hardship

fla-tan

fla-tan

Posted
Posted
When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...

 

chatterweb

 

Rather than give the house(s) back, talk to your attorney about a loan modification. I will be putting a loan modification primer together and pinning it either here or in the Mortgage Forum, or both. A loan modification does not have to negatively affect your credit while a DIL most definitely will.

 

 

fla-tan

 

Thank you,

 

We have no hardship

 

chatterweb

 

You do not need to have a hardship to qualify for or obtain a loan modification.

 

 

fla-tan

chatterweb

chatterweb

Posted
  • Author
Posted
When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...

 

chatterweb

 

Rather than give the house(s) back, talk to your attorney about a loan modification. I will be putting a loan modification primer together and pinning it either here or in the Mortgage Forum, or both. A loan modification does not have to negatively affect your credit while a DIL most definitely will.

 

 

fla-tan

 

Thank you,

 

We have no hardship

 

chatterweb

 

You do not need to have a hardship to qualify for or obtain a loan modification.

 

 

fla-tan

Love for you to help us, we have a lot of extra income each month, savings and surplus!!!

 

We did try to do a principal reduction of $20K, and through our attorneys, showing loan audit RESPA violations...

 

Countrywide denied it.

 

Ours is a 30 year fixed @ 6.0% with PMI ...it was denied. We paid 2K in attorney fees . (tax write off)

 

We had no 2nd loan and just 1 first loan...a lot of loan mods have 80/20's. Also, this is our rental property...not a primary home....

Guest ristay

Guest ristay

Posted
Posted (edited)

Any workout assistance program with Countrywide is a negative hit on credit. The ONLY exception is a interest rate modification on a ARM where the homeowner has never been late. In order to be approved for a loan modification Countrywide will verify the financial hardship or the mod will be declined. If there is no financial hardship... there is NO assistance.

 

For credit reporting purposes... a short sale is better than a deed in lieu, a deed in lieu is better than a foreclosure.

 

Short sale reports as 'paid settled for less than owed' DIL reports as voluntary

 

The only other workout assistance that does not report to cb's is a Natural Disaster ... Countrywide will block credit from reporting negative. Countrywide reports all late payments even if a mod is approved until the loan is completely brought current.

Edited by ristay
Guest ristay

Guest ristay

Posted
Posted
When we started by hiring an Attorney, we were looking for a principal reduction of $20K. The loan is a 30 fixed at 6.0%.

We owe $176900.00 on the 1st. The home is in AZ. The payment is not a problem, we pay $1500.00 a month escrowed. Tenants pay us $900.00 a month in 2 installments. Foreclosure comps in area are asking $133K and not selling, also in a newer subdivision.

 

The reason I asked for a reduction in principal is our primary home in San Diego, CA. We owe $294600.00, also through Countrywide on an arm that resets in 2011. We pay $1106.00 interest only, but I have been paying extra $300.00 a month to principal. I am also paying off consumer debt of $3300.00 and also trying to add money back to our savings.

Home sales are between 220-280K here now.

Our issue is our primary home needs a lot of work and we also have a pool/spa. We have 2 bathrooms, 1 does not work at all, and both are from 1960 circa.

 

My question, is, with an attorney negotiating a DIL, will our credit be affected?

 

 

For today until who knows

Neither home has equity, we put more than 20% down on both from proceeds of a proir home sale.

 

Basically, I want to save our primary home in 2011, trying to be proactive, not sure if we need a DIL, or just hang on.

 

We have secure jobs and make 80K per year combined gross not including the rental...I am caregiver for my Mom who has Alzheimer's Disease, so I am not sure what my future holds with her and may have limited time to focus on our rental...

 

chatterweb

 

Rather than give the house(s) back, talk to your attorney about a loan modification. I will be putting a loan modification primer together and pinning it either here or in the Mortgage Forum, or both. A loan modification does not have to negatively affect your credit while a DIL most definitely will.

 

 

fla-tan

 

Thank you,

 

We have no hardship

 

chatterweb

 

You do not need to have a hardship to qualify for or obtain a loan modification.

 

 

fla-tan

Love for you to help us, we have a lot of extra income each month, savings and surplus!!!

 

We did try to do a principal reduction of $20K, and through our attorneys, showing loan audit RESPA violations...

 

Countrywide denied it.

 

Ours is a 30 year fixed @ 6.0% with PMI ...it was denied. We paid 2K in attorney fees . (tax write off)

 

We had no 2nd loan and just 1 first loan...a lot of loan mods have 80/20's. Also, this is our rental property...not a primary home....

The Nationwide Homeownership Retention Program goes into effect with Countrywide 12/01/08 for those who are eligilbe. Prior to that... Countrywide does not reduce principal balance. NEVER!

tiggerlgh

tiggerlgh

Posted
Posted (edited)

Love for you to help us, we have a lot of extra income each month, savings and surplus!!!

 

We did try to do a principal reduction of $20K, and through our attorneys, showing loan audit RESPA violations...

 

Countrywide denied it.

 

Ours is a 30 year fixed @ 6.0% with PMI ...it was denied. We paid 2K in attorney fees . (tax write off)

 

We had no 2nd loan and just 1 first loan...a lot of loan mods have 80/20's. Also, this is our rental property...not a primary home....

 

I am just trying to understand if you have a lot of extra income each month why do you need a Deed in Lieu?

Edited by tiggerlgh

The last post in this topic was posted 6431 days ago. 

 

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