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You can however expect the insurance company to require you to sign a note, generally for around 10% of your mortgage balance. They also will not negotiate how it is reported on your credit. I learned through my own experience it's actually better to just let them foreclose if you have a loan with PMI. You avoid the deficiency judgment and it is basically the same on your credit.
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Can you do Deed in lieu after foreclosure?
deed in lieu after foreclosure?
Deed in lieu?
Often confused with a "short sell", a "deed in lieu" is used when a homeowner facing foreclosure asks the lender to accept the deed instead (in lieu) of foreclosure. A sample request for a deed in lieu can be found at the source below.
If you have PMI and your mortgage company accepts a shot sale does the PMI cover the difference?
I am working on one now where the buyer did not have PMI, however, the lender purchased PMI. Subsequently, the buyer has defaulted on the loan and has listed the property as a short sale. We secured an excellent offer which was submitted to the lender. The lender came back and said the deal was accepted by the investors but needed be sent to the PMI company for approval. This is the first time in the four month process that we found out there was PMI on the loan. The PMI company wanted the seller to sign a Promissory Note for the difference. The seller refused to sign it and the PMI company has trashed the sale because of it. We are now offering a Deed In Lieu Of Foreclosre so the investors can keep the buyer. Does the PMI company have to approve the Deed In Lieu? I wonder what the PMI company has to gain by forcing a foreclosure if the seller will not sign a Promissory Note to them? The sad part is that the offer is excellent, the property is vacant and will continue to decline in value as the landscaping dies and as it becomes vulnerable to vandalism and general neglect.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
How much will a pmi pay in lieu of a foreclosure?
Depends on your home and the condition it's in.
Can you use a deed in lieu to put property you bought from father back into fathers living trust without effecting credit if he agrees?
You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.
Can a deed in lieu be initiated with a cosigner?
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Can a wife whose name is on the deed and the mortgage do a deed in lieu without the husband?
No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.No. If the husband is a grantee on their deed then he must sign the deed in lieu of foreclosure. If only the wife signed then the lender would acquire only the wife's interest in the property.
Can banks be forced to accept a deed in lieu of foreclosure?
NO.
Can a deed in lieu of be on an investment property?
Yes. Absolutely.
Do you have to short sale before a deed in lieu?
yes.
Where may you obtain a 'Deed in Lieu of Foreclosure'?
A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.
