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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Worth a shot... Posted by Ward-CA- on February 25, 2004 at 8:12 AM In Reply to: Deed in lieu. posted by Texas to Indy on February 25, 2004 at 6:18 AM : 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! ================================ First of all, lenders are quite leery about accepting a deed-in-lieu of foreclosure. When they do, it’s because they feel their position is being improved substantially. First of all, you have to demonstrate a need for proffering a deed-in-lieu proposition. That’s done very succinctly by missing your current payment or two and then approaching them. Explain your problem, making sure you emphasize it’s intractable nature. You will then have to show that they are the only lienor against the title of the property. That they will be in the same position accepting a deed-in-lieu of foreclosure now, as they would be after a lengthy foreclosure. And if they take your house now they’ll have the entire selling market to resell it versus getting it via foreclosure months from now (at the tail end of this year’s market). Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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! : ================================ : First of all, lenders are quite leery about accepting a deed-in-lieu of foreclosure. When they do, it’s because they feel their position is being improved substantially. : First of all, you have to demonstrate a need for proffering a deed-in-lieu proposition. That’s done very succinctly by missing your current payment or two and then approaching them. Explain your problem, making sure you emphasize it’s intractable nature. : You will then have to show that they are the only lienor against the title of the property. That they will be in the same position accepting a deed-in-lieu of foreclosure now, as they would be after a lengthy foreclosure. And if they take your house now they’ll have the entire selling market to resell it versus getting it via foreclosure months from now (at the tail end of this year’s market). : : Hope this helps. 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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