Hello All,
Has anyone here done a deed in lieu? DH talked to Citi tonight about the possibility and we are beginning the process. I was wondering how long the process takes and what would make the bank decide to not approve the deed in lieu? DH had to take a pay cut earlier this year and we just can't keep juggling all our payments and keep the house. We put the house on the market as soon as we realized we couldn't keep up with the payments which was about six months ago. We haven't received one offer. We are going to be 90 days behind as of Dec. 1. Thanks for your insight.
Deed in Lieu
Started by
mama25
, Nov 16 2011 09:06 PM
1 reply to this topic
#1
Posted 16 November 2011 - 09:06 PM
#2
Posted 29 November 2011 - 02:22 AM
My Girlfriend is in a current situation. Her first mortage was with Country wide, now BOA. 2nd mortgage was with GE.
Her & her husband split up 5 years ago, they tried to sell the house 4 years ago they stopped making payments. Neither bank would forclose. Her ex filed for bankrupcy & inculded both mortgages. Than angered BOA & they refused to forclose. The 2nd mortage company took the loss & walked away, (2nd mortgage doesn't appear on any of her reports).
About 4 months ago a company approached both of them about a deed in Leiu. Although her ex filed for bankrupcy he was still attached to the house to a certain extent. The company preforming the deed in leiu in explained that this would speed up the process & would affect her in a positive manner on her credit report.
As far as I know the process is going forward,all parties that had intrest in the house agreed to the deed in leiu BOA has finally begun foreclosure procedures as of November. It should be wrapped up by years end.
Her & her husband split up 5 years ago, they tried to sell the house 4 years ago they stopped making payments. Neither bank would forclose. Her ex filed for bankrupcy & inculded both mortgages. Than angered BOA & they refused to forclose. The 2nd mortage company took the loss & walked away, (2nd mortgage doesn't appear on any of her reports).
About 4 months ago a company approached both of them about a deed in Leiu. Although her ex filed for bankrupcy he was still attached to the house to a certain extent. The company preforming the deed in leiu in explained that this would speed up the process & would affect her in a positive manner on her credit report.
As far as I know the process is going forward,all parties that had intrest in the house agreed to the deed in leiu BOA has finally begun foreclosure procedures as of November. It should be wrapped up by years end.
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