Comments on: Short Sale vs. Deed-in-Lieu: What’s Your Best Choice? http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice I Survived Bankruptcy, Short Sale & More | DebtKid.com Sun, 12 Feb 2012 01:24:18 +0000 hourly 1 http://wordpress.org/?v= By: B.Y. http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-50249 B.Y. Wed, 28 Dec 2011 23:13:58 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-50249 I am in the process of determining what I want to do with my home. I built my home in 2009 for 149K. It appraised for 154k in 2009. It appraised now in 2011 for 123K. Yes, 123K and the principal balance is 145K. My payments have gone straight to taxes..I am a single mother of one and my son will be graduating next year from high school. I want to make sure I am prepared for any expense that may come with college. He's never been on my health insurance but next year will be due to my daddy is retiring. Also, my son will be on my auto insurance soon. I took advantage of the 8k tax credit back in 2009 and think I have to be in my home one more year to begin the selling process. If I would have known then what I know now about Escrow shortage + property tax increase = mortgage payment increase, I would have continued to rent a apartment. I am so frustrated and kicking myself for wanting a part of the "american dream." Home ownership is not ownership until you've paid the home in full which is between 15-30yrs. I can't believe the home is 30k updside down in two years. I am so ready to get out of this home I can taste it. I want to put it behind me and move on. Any advice on which one I should do short sale or deed in lieu would be great. I know I have to proceed with the short sale before the deed lieu. Also, I have never been late on a mortgage payment but may have to be to show that I forsee a hardship. Great comments on this website.. I am in the process of determining what I want to do with my home. I built my home in 2009 for 149K. It appraised for 154k in 2009. It appraised now in 2011 for 123K. Yes, 123K and the principal balance is 145K. My payments have gone straight to taxes..I am a single mother of one and my son will be graduating next year from high school. I want to make sure I am prepared for any expense that may come with college. He’s never been on my health insurance but next year will be due to my daddy is retiring. Also, my son will be on my auto insurance soon. I took advantage of the 8k tax credit back in 2009 and think I have to be in my home one more year to begin the selling process. If I would have known then what I know now about Escrow shortage + property tax increase = mortgage payment increase, I would have continued to rent a apartment. I am so frustrated and kicking myself for wanting a part of the “american dream.” Home ownership is not ownership until you’ve paid the home in full which is between 15-30yrs. I can’t believe the home is 30k updside down in two years. I am so ready to get out of this home I can taste it. I want to put it behind me and move on. Any advice on which one I should do short sale or deed in lieu would be great. I know I have to proceed with the short sale before the deed lieu. Also, I have never been late on a mortgage payment but may have to be to show that I forsee a hardship. Great comments on this website..

]]> By: Carole http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-31149 Carole Fri, 12 Nov 2010 06:57:42 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-31149 KBA: The "benefit" to the lender of a Deed in Lieu of Foreclosure is that they don't have to go through the expense and time of a foreclosure. I cannot imagine what the benefit would be to them when you wait until the day before! Generally speaking, I think it is always better to be acting early on. It doesn't mean that the lender is going to be more cooperative or realistic... but, waiting to the very last minute that just isn't the way to handle this sort of dilemna.. I wish you the best anyway! Carole KBA:
The “benefit” to the lender of a Deed in Lieu of Foreclosure is that they don’t have to go through the expense and time of a foreclosure. I cannot imagine what the benefit would be to them when you wait until the day before!
Generally speaking, I think it is always better to be acting early on. It doesn’t mean that the lender is going to be more cooperative or realistic… but, waiting to the very last minute that just isn’t the way to handle this sort of dilemna..
I wish you the best anyway!
Carole

]]> By: KBA http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-28331 KBA Sun, 01 Aug 2010 04:19:18 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-28331 My home is schedule to be foreclosed on 08/03, today is 07/31 which means I only have 1 working to act. Can I still ask for DIL? I have been told there is not enough time for Short Sale. My home is schedule to be foreclosed on 08/03, today is 07/31 which means I only have 1 working to act. Can I still ask for DIL? I have been told there is not enough time for Short Sale.

]]> By: crimson http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24922 crimson Mon, 29 Mar 2010 02:44:16 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24922 We currently have our house for sale, and I was thinking about lowering the sale price to try to get a short sale. However, in Illinois, the mortgage company can seek a deficiency judgment on a short sale. However, they do not on a deed in lieu... so why lower the price? Anyone have any answers? We currently have our house for sale, and I was thinking about lowering the sale price to try to get a short sale. However, in Illinois, the mortgage company can seek a deficiency judgment on a short sale. However, they do not on a deed in lieu… so why lower the price? Anyone have any answers?

]]> By: Stuck http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24631 Stuck Tue, 09 Mar 2010 00:32:27 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24631 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? 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 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24541 Jean Bond Wed, 03 Mar 2010 00:16:37 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24541 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. 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? http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24095 Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice? Mon, 15 Feb 2010 20:01:36 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24095 [...] 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. [...] [...] 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 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24027 Tye Sat, 13 Feb 2010 02:43:02 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24027 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. 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 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24026 Tye Sat, 13 Feb 2010 02:20:23 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-24026 Lisa, Have you filed a BK? Lisa,

Have you filed a BK?

]]> By: Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice? | Personal Finance Analyst http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-23963 Short Sale vs. Deed-in-Lieu of Foreclosure: Which is the Better Choice? | Personal Finance Analyst Tue, 09 Feb 2010 09:57:43 +0000 http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%e2%80%99s-your-best-choice#comment-23963 [...] 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. [...] [...] 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. [...]

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