Comments on: Short Sale vs. Deed-in-Lieu: What’s Your Best Choice?

By: Stuck

Stuck — Tue, 09 Mar 2010 00:32:27 +0000

I currently own a home, my first, which is uninhabitable. It just barely passed inspection and a “friend” was going to help me fix it up, had access to builders, craftsmen, etc who were all certified workers to come and help. They gutted my home and never came back. I spent two years with the help of the friend who made the big promises, and much on my own doing the framing, insulating, electric and drywall. Said friend did the plumbing, turns out he was unqualified to do it, and it all has to be removed. The rest of the building is sound, but the home has no kitchen and only a partial bathroom. There are no finished rooms in the house, and I cannot afford to hire someone to do the work to bring the home to a habitable standard. I’m paying $1396 a month for the mortgage and need to get rid of this home. I have a small child and have been staying at a friend’s house, at the cost of about $600 monthly, in order to provide a safe home for my child. I put the house on the market “As Is” for six months and got no offers. I’m being told that the house will need to be put back together in order for anyone to make an offer. There is no way I can fix this house, pay the mortgage, and pay to live elsewhere. My credit is decent, rebuilt after my divorce from a financially irresponsible ex husband, and I hate the idea that I am going to have to destroy it again to get out of this house. Recommendations?

By: Jean Bond

Jean Bond — Wed, 03 Mar 2010 00:16:37 +0000

Please do not talk about banks “losing” money, when a person forecloses, etc. What the bank loses, is a reputation with the “Federal Reserve”, plus interest payments. Banks no longer lend money, they simply negotiate the creation of paper money off the printing presses, based on your credit score. Your signature / credit score, creates the money. The difference is very important. Foreclosure, bankruptcy, etc., do not ruin the economy. What ruins the economy, is the very existence of the Federal Reserve, and its practices of creating new money.

By: Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice?

Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice? — Mon, 15 Feb 2010 20:01:36 +0000

[...] DebtKid.com compares the two options and sees them as near-equals. The site recognizes that deeds-in-lieu are the faster option, but reminds us of the risk of a deficiency judgment. [...]

By: Tye

Tye — Sat, 13 Feb 2010 02:43:02 +0000

Best solution for you, I believe, if you like the area, home, and what not is to consider a Loan Mod, and not really worry about your credit at this point. That can be addressed later. I work for a company that has helped many homeowners reduce their payment substantially and stop foreclosure. The other options others have been talking about on here short sales, deed in lieu, and such are other possible solutions, if you don’t need or want the home any longer and remember with those you do run the risk of deficiency judgements.

By: Tye

Tye — Sat, 13 Feb 2010 02:20:23 +0000

Lisa,

Have you filed a BK?

By: Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice? | Personal Finance Analyst

Tue, 09 Feb 2010 09:57:43 +0000

[...] DebtKid.com compares the two options and sees them as near-equals. The site recognizes that deeds-in-lieu are the faster option, but reminds us of the risk of a deficiency judgment. [...]

By: Lisa

Lisa — Mon, 08 Feb 2010 19:12:04 +0000

We did a DIL on our home back in 2007. We received notice last week the bank is taking us to court this week for the remaining 22K + attorney fess & interest.

We currently own nothing but our vehicles. There’s no way we can currently payback or even make payments on this balance.

What else will they go after if we own nothing but the vehicles?

Any suggestions on what we need to do before we go to court?

By: Atlanta home owners struggle with Short Sale vs. Deed-in-Lieu of Foreclosure – Blog Title « Jeff Barnwell Homes For Sale Blog 770-990-0743 JeffBarnwell@remax.net

Sat, 30 Jan 2010 14:08:15 +0000

[...] As posted at : http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%E2%80%99s-your-best-choice [...]

By: Kim

Kim — Tue, 22 Dec 2009 20:57:45 +0000

Who holds your loan Angela? They almost certainly will not come after you. Do you know how many Amrericans would be in court over this!

By: Kim

Kim — Tue, 22 Dec 2009 20:54:29 +0000

I LOVE your response Vince! We get way too wrapped up into things we have no control over. It is a personal choice for various reasons and some people are just too prideful, or ashamed to do it even though it is causing them lots of sleepless nights!