Posts tagged as:

deed in lieu of foreclosure

Deed in Lieu of Foreclosure May be the Way Out

by Moe Bedard

In order to be eligible for a D4L, or Deed for Lease, you must go through a DIL, short for a deed in lieu of foreclosure.
These terms become relevant when your house is underwater — the market value is less than what you owe. You have attempted to sell your home without success, and your [...]

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Homeowners Walking Away Becoming More Common

by Moe Bedard

“I’m walking away from my house,” says Sakson, 57, who stopped making payments about six months ago on her home in Pennington, N.J. “The bank can have it.”
What Sakson did is called a strategic default, or a voluntary foreclosure, and it’s fast becoming a major challenge to the government’s $75 billion effort to keep distressed [...]

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Go Ahead, Walk Away

by Moe Bedard

There is nothing immoral about ditching your mortgage.
A solid two years into the housing bust, the national foreclosure wave doesn’t show the least signs of abating. Banks that had called a foreclosure moratorium are now back to the business of taking back properties, and the foreclosure numbers are again at record highs. As the foreclosures [...]

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I’m walking away in Arizona & Chase sucks!

by Moe Bedard

Submitted by a Homeowner on LoanSafe.org
Chase called again..
Received another call from Chase but he did not identify which department he was calling from. He explained that he wanted to see if we could make payment arrangements to get the account up to date.
I explained that Chase is responsible for the mess I am in because [...]

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America Underwater: Growing Number of Homeowners “Upside Down” on Mortgages

by Moe Bedard

With falling housing prices in nearly every market, the questions that homeowners are asking have shifted. Instead of asking “what is my home worth?” they are now asking “Is my home worth it?”
These problems are affecting the entire country, with nearly 1 in 6 homeowners owing more than their home is worth. For homeowners who [...]

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A Deed in Lieu of Foreclosure as a Cure for Your Mortgage Woes

by Moe Bedard

For home borrowers (”mortgagors”) facing foreclosure, a deed in lieu of foreclosure provides an alternative solution to the standard default process. In particular, the deed grants the lender, the “mortgagee”, full rights to the property title to satisfy the conditions of the loan. Such agreements are a common form of mortgage contract settlements. In general, [...]

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My home is not worth the stress anymore. I am getting a U-Haul and I am loading everything up.

by Moe Bedard

Submitted by JB Lawerence - Soon to be an ex-homeowner 
My home is not worth the stress anymore. I am getting a U-Haul and I am loading everything up.
I’m taking all my window coverings and blinds. I’m taking all my appliances and air conditioner. I’m pulling up my grass and my beautiful trees I planted. I am [...]

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Example Harship Letter

by Moe Bedard

(Example Harship Letter)To Whom It May Concern:I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to [...]

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