Posts tagged as:

Deed in Lieu

Stripped Homes, Samurai Sword Wielding Homeowners and Foreclosures

by Moe Bedard

Just another day in the life of a Modesto County Sherrif Deputy
Aviles has seen stripped houses before on the eviction beat, but never one so thoroughly denuded: Every cabinet, sink, toilet, light fixture and even light-switch faceplate was gone. Later, the daughter of the homeowner explained, “We’ve sold cars, furniture, everything we could to put food [...]

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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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Fannie Mae Deed for Lease: Rental Policy FAQ’s

by Moe Bedard

Deed for Lease™ (D4L) – Frequently Asked Questions
Q1.What are the terms of the lease?
Fannie Mae will offer lease terms of up to 12 months at market rates.

Q2. How are investor properties with tenants handled?
Once the servicer determines that a borrower is eligible for deed-for-lease consideration, the servicer will discuss the possibility of a D4L with [...]

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Banks Giving Some Homeowners Cash for Keys to Bail

by Moe Bedard

Despite federal loan modification programs to help struggling homeowners, many lenders are refusing to play ball and are proceeding with foreclosures.
But some of those same lenders are quietly paying people to move out and find another place to live.
It’s known as “Cash For Keys” and banks don’t talk about it publicly but, in some cases, [...]

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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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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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