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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Yes, a deed-in-lieu is a viable solution Posted by Ward-CA- on October 11, 2001 at 6:23 AM In Reply to: can't sell home has been on market since Nov. 2000 about to lose it? what to do?? posted by teacher in MS on October 10, 2001 at 6:42 PM : Been experiencing financial problems for a while now. Long story short, we put our house up for sale with a local realty last November(2000). We have lowered the asking price 5 times now all the way to the bottom where if we did sell it now we would get nothing but the payoff on the note and absolutely no equity. The house is appraised at around 105,000.00 and payoff is 94,300. We are 3 months delinquent + next month coming and know that foreclosure is inevitable if we don't sell. We don't want the stigma of having our house auctioned off the courthouse steps and advertised in our small town newspaper. Can we give the house back in a "deed in lieu of foreclosure" as I have read a little about on this site?? We do not have any other liens on this property. Any answers??? =•=•=•=•=•=•=•=•=•=•=•=•= Call your lender and ask for the department involved in “loan workouts” or the delinquent loan department or the loss mitigation department. Describe your situation the way you did here, especially your efforts to resell and lowering your price 5 times, etc. Tell them you’re a teacher, struggling to do what’s right and that you do not have any other liens on the property other than theirs and that you want to deed the property to them in lieu of foreclosure. Make sure that any delinquent property taxes are brought current. Finally, when you delineate the reason your financial picture went haywire, indicate that it’s a chronic problem with no real estimate of when things will get better for you financially. The impression should be that you’re not in a temporary financial bind that will be corrected soon. This approach has been effective in the past. Please let me know, via my email address, how it works for you. Good luck folks. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Been experiencing financial problems for a while now. Long story short, we put our house up for sale with a local realty last November(2000). We have lowered the asking price 5 times now all the way to the bottom where if we did sell it now we would get nothing but the payoff on the note and absolutely no equity. The house is appraised at around 105,000.00 and payoff is 94,300. We are 3 months delinquent + next month coming and know that foreclosure is inevitable if we don't sell. We don't want the stigma of having our house auctioned off the courthouse steps and advertised in our small town newspaper. Can we give the house back in a "deed in lieu of foreclosure" as I have read a little about on this site?? We do not have any other liens on this property. Any answers??? : =•=•=•=•=•=•=•=•=•=•=•=•= : Call your lender and ask for the department involved in “loan workouts” or the delinquent loan department or the loss mitigation department. : Describe your situation the way you did here, especially your efforts to resell and lowering your price 5 times, etc. Tell them you’re a teacher, struggling to do what’s right and that you do not have any other liens on the property other than theirs and that you want to deed the property to them in lieu of foreclosure. : Make sure that any delinquent property taxes are brought current. Finally, when you delineate the reason your financial picture went haywire, indicate that it’s a chronic problem with no real estimate of when things will get better for you financially. The impression should be that you’re not in a temporary financial bind that will be corrected soon. : This approach has been effective in the past. Please let me know, via my email address, how it works for you. : Good luck folks. 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

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