Ask Experts Questions for FREE Help !
Ask
    gus7's Avatar
    gus7 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 19, 2009, 05:40 PM
    Deed in lieu of foreclosure and first and second?
    We owe 150,000.00 more than our home is worth now. We are considering letting the mortgage company have the house back. Is there a way to contact the first and second mortgage holders and just give them the house back and they would not have to spend any money on the foreclosure process? We unfortunately bought this home in PHoenix in 2005 at almost the height of the market and our home had depreciated almost 50%. We are almost at retirement age and aren't sure what to do.
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
    Ultra Member
    		  
    #2

    Feb 20, 2009, 07:23 AM

    There are 2 mortgages? How would you be able to give them 1 house?

    They would still have to spend money on the foreclosure process, and I assure you, they don't WANT the house.

    Have you spoken to them? Are you behind on your mortgage? Can you prove hardship?
    desves's Avatar
    desves Posts: 6, Reputation: 1
    New Member
    		  
    #3

    Mar 9, 2009, 03:49 PM

    We need to talk to a lender that will consider bad credit, our home is in foreclosure, we can prove hardship but know one will help us because of the credit. We have a mortgage of 230,000 and owe 35,000 in credit cards. All we want is to save our home, we talked to a lawyer about bankruptcy and the payment went from 1545.00 to 2321.00 and that is before creditors have come in. they told us we have to keep the same payment we had, also we are in arrears and all that is added in. we don't make that much money, but too much to file a chapter 7 any one know of anything to do
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Deed in lieu of foreclosure [ 1 Answers ]

I have 2 rental properties in Arizona that are vacant, and a undeveloped piece of commercial land. Can I do a deed in lieu of on all 3 of these properties, since none of them have sold in the last year, or is a foreclosure a better way to go?

Deed in Lieu of Foreclosure [ 1 Answers ]

I have a situation which to the best of my knowledge is quite a head spinner. There is a 1st Trust Deed on a property who has currently filed a Notice of Default. There is also a 2nd Trust Deed which was taken out 12 months ago. At the time of signing the paperwork for the 2nd Trust Deed the...

Deed in lieu of foreclosure [ 1 Answers ]

We have purchased a home here in Louisiana approx 4 years ago. The home is only 6 years old and has flooded 4 times. These are not only floods with hurricanes but average Louisiana rains. We have drainage issues in the neighborhood that no-one will correct. We have hired attorneys to go after...

Is deed in lieu of foreclosure my only way out [ 1 Answers ]

I was going through nasty divorced when asked by friend if I could help out his house Was being foreclosed on.Agent for bank contacted me who I knew I told him I did not Want to do this. He invited me to restaurant where after few drinks I was handed papers To sign.I told him I did not want to...

View more questions Search