Since 2012, a mortgage company called Select Portfolio Servicing has held the mortgage (MTG) on our house. The MTG is at 10%. Our house is worth less than half of what we owe. It's falling apart, and it's time to leave. We contacted SPServicing about a Deed In Liu. They denied that and stated that it would be a foreclosure. What can I expect as this progresses? How long does something like this take? I'm not afraid to admit that this terrifies me. http://www.foreclosureforum.com/board/read.php?2,2455,2455#msg-2455 Wed, 15 Jul 2026 21:09:12 -0700 Phorum 5.2.15a http://www.foreclosureforum.com/board/read.php?2,2455,2456#msg-2456 http://www.foreclosureforum.com/board/read.php?2,2455,2456#msg-2456
Foreclosures wipe off (not out) all liens against a property except prior liens, so if you can’t or won’t pay off prior liens you would not be eligible for a deed-in-lieu from any lender. Few troubled debtors qualify for DIL, because typically they have other debt in arrears in additional to their mortgage. If the property is in a deed of trust state, it would be a non-judicial foreclosure. Time to auction date can be anywhere from three weeks to a few months depending upon the state. If it’s a judicial foreclosure state, it will take longer depending upon the state. Liberal states tend to be more generous to borrowers dragging out the inevitable.

More info could be helpful, but would probably verify my suspicions.]]> Workout Guy Foreclosure Forum Wed, 13 Jun 2018 11:43:12 -0700 http://www.foreclosureforum.com/board/read.php?2,2455,2455#msg-2455 http://www.foreclosureforum.com/board/read.php?2,2455,2455#msg-2455
The MTG is at 10%. Our house is worth less than half of what we owe. It's falling apart, and it's time to leave. We contacted SPServicing about a Deed In Liu. They denied that and stated that it would be a foreclosure.

What can I expect as this progresses? How long does something like this take? I'm not afraid to admit that this terrifies me.]]> KillerUT Foreclosure Forum Sat, 09 Jun 2018 19:45:21 -0700