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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deed in lieu. Posted by Texas to Indy on February 25, 2004 at 6:18 AM In Reply to: No worries... posted by Ward-CA- on February 24, 2004 at 1:39 PM : : : Ward: : : Thanks for the info. That helps. One additional question on : : your response to #3. If someone purchases and comes after the : : deficiency, can they take my home in Indy. My only assets are : : in the equity of this house and I don't want to lose it. I was : : considering setting up a trust to put this house in. Would that : : protect my equity in this house. : : Also, since WAMU is the lender on both the homes, can they come : : after my 2nd home in Indy? If I understand your response, they : : cannot come across state lines. Correct? : : Thanks again! : : =============================================================== : No, I don't think there's much chance at all for you to lose your home equity in IN, and my reasons for saying so are: : 1. First of all I think it would be quite rare for Washington Mutual (WAMU) to spend extra money pursuing a deficiency judgment against you after their trustee's sale in TX. : 2. Secondly, even if such a rare event happened, it would be even rarer for WAMU to find a buyer for their TX judgment that would want to go through the complex channels of trying to satisfy the judgment via an IN judicial foreclosure! Especially when your home equity is probably protected by IN's homestead rules. : : Hope this helps __________________ Ward: Thanks for the information. In doing some further research, I am considering making an offer to WAMU for a deed in lieu of foreclosure. Wanted to get your opinon on the chances for them accepting. The pertinent details are as follows: - Current on the mortgage right now - last appraisal was at $330k two years ago - WAMU mortgage at $275k - 2nd mortgage of $7500 (I could take care of this with another unsecured loan). Do you think WAMU would consider a deed in lieu of foreclosure? When should I begin the discussions with WAMU and make this offer, now or in May when I will miss my first paymet? Thanks again for all your help! Follow Ups: Worth a shot... Ward-CA- 8:12 AM, 02/25/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : Ward: : : : Thanks for the info. That helps. One additional question on : : : your response to #3. If someone purchases and comes after the : : : deficiency, can they take my home in Indy. My only assets are : : : in the equity of this house and I don't want to lose it. I was : : : considering setting up a trust to put this house in. Would that : : : protect my equity in this house. : : : Also, since WAMU is the lender on both the homes, can they come : : : after my 2nd home in Indy? If I understand your response, they : : : cannot come across state lines. Correct? : : : Thanks again! : : : =============================================================== : : No, I don't think there's much chance at all for you to lose your home equity in IN, and my reasons for saying so are: : : 1. First of all I think it would be quite rare for Washington Mutual (WAMU) to spend extra money pursuing a deficiency judgment against you after their trustee's sale in TX. : : 2. Secondly, even if such a rare event happened, it would be even rarer for WAMU to find a buyer for their TX judgment that would want to go through the complex channels of trying to satisfy the judgment via an IN judicial foreclosure! Especially when your home equity is probably protected by IN's homestead rules. : : : : Hope this helps : __________________ : Ward: : Thanks for the information. In doing some further research, I am : considering making an offer to WAMU for a deed in lieu of : foreclosure. Wanted to get your opinon on the chances for them : accepting. The pertinent details are as follows: : - Current on the mortgage right now : - last appraisal was at $330k two years ago : - WAMU mortgage at $275k : - 2nd mortgage of $7500 (I could take care of this with another : unsecured loan). : Do you think WAMU would consider a deed in lieu of foreclosure? : When should I begin the discussions with WAMU and make this offer, : now or in May when I will miss my first paymet? : Thanks again for all your help! 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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