InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deed-in-lieu in California Posted by Kevin on August 13, 2003 at 6:16 PM Hi, I was wondering about deeds-in-lieu in California. If I find myself owning a house that has dropped in value, and I owe more than the house is worth, can I simply sign over the deed to the bank under this deed-in-lieu? Is this under my discretion, or can the bank that owns the mortgage reject this? Can they come after my other assets? So, for example, even if I could make the monthly mortgage payments, but I frivolously decide that I no longer wanted the house, could I enact this deed-in-lieu? I am not concerned about my credit history, but just want to be aware of my rights. I am considering buying a house in the Bay Area, but I'm afraid that the housing market might burst and I might find myself owning a house that I overpaid for that I can no longer afford. I would rather kill my credit history than bankrupt my entire family.... Thanks for any help, Kevin Follow Ups: Deed-in-lieu details... Ward-CA- 9:24 PM, 08/13/03 (5) The CA one action rule prohibits deficiency David 9:13 AM, 08/14/03 (2) Judicial vs non-judicial foreclosures Ward-CA- 3:09 PM, 08/14/03 (1) Re: Judicial vs non-judicial foreclosures David 5:01 PM, 08/14/03 (0) Re: Deed-in-lieu details... Kevin 8:30 AM, 08/14/03 (1) Re: Deed-in-lieu details... Kevin 8:54 AM, 08/14/03 (0) Re: Deed-in-lieu in California damien 8:59 PM, 08/13/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi, : I was wondering about deeds-in-lieu in California. If I find myself owning a house that has dropped in value, and I owe more than the house is worth, can I simply sign over the deed to the bank under this deed-in-lieu? Is this under my discretion, or can the bank that owns the mortgage reject this? Can they come after my other assets? So, for example, even if I could make the monthly mortgage payments, but I frivolously decide that I no longer wanted the house, could I enact this deed-in-lieu? : I am not concerned about my credit history, but just want to be aware of my rights. I am considering buying a house in the Bay Area, but I'm afraid that the housing market might burst and I might find myself owning a house that I overpaid for that I can no longer afford. I would rather kill my credit history than bankrupt my entire family.... : Thanks for any help, : Kevin Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455