Welcome to Foreclosure Guide
National Foreclosure Relief Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Save Your Credit history opt for a Deed in Lieu of Foreclosure
from:Being faced with a foreclosure on your home is one of the most stressful situations in life. You are worried about losing your home and your investment, and you hate the thought of a foreclosure and the effects it will have on your credit rating and your future. In certain situations, and in certain states, there is an alternate to a foreclosure, which is called a deed in lieu of foreclosure.
In order to obtain a deed in lieu of foreclosure, both the financial lender and the homeowner must agree to sign over the title of the deed to the lender. In other words, the financial institution will now own the home in question. In return the original homeowner is relieved of paying back the debt still owed on the home. The homeowner in default have no more liabilities in regards to the said house, and by procuring this agreement with the lender, the deed in lieu of foreclosure will not affect the homeowner’s credit rating like a traditional foreclosure would. The agreement to go for the deed in lieu of foreclosure must be made at the start of the foreclosure process. The deed in lieu of foreclosure is an out of court settlement.
The bank or lending institution will most often opt for a deed in lieu of foreclosure when the debt is so great that the homeowner cannot pay it. It would not be worthwhile for them to seek a deficiency judgment, which is a court order to recoup part of the outstanding debt related to the foreclosure. They normally follow through with the actual foreclosure when the debt isn’t as much as the value of the property.
The advantages of a deed in lieu of foreclosure is an economic one for the lender, by settling out of court the lender will save money on court and attorney fees. The lender will also make sure that the deed in lieu of foreclosure will not make them responsible for any mortgage liens upon the property before proceeding with this action. In other words holding the title will be a separate entity from any liens (claims for payment from contractors etc.) upon the property. At this point the bank or other lending institution will be a be able to sell the property and recover their loses. The new owners of the property would be responsible for the liens if there are any pending.
The benefit to the original homeowner is that the record of foreclosure will not be recorded on their credit history.
National Foreclosure Relief News
Lawmakers push foreclosure relief for military - Chicago Tribune
Lawmakers push foreclosure relief for military Chicago Tribune The foreclosure relief amendment would extend some provisions included in a longstanding federal law, the Servicemembers' Civil Relief Act. The law protects active-duty service members from foreclosure and gives military personnel and their families ... |
Preventing foreclosure the focus of seminars - The Desert Sun
Preventing foreclosure the focus of seminars The Desert Sun “The legislation builds on the national mortgage settlement, which secured enhanced protections for active duty and veteran homeowners, in addition to bringing $18 billion in relief to California homeowners and foreclosure victims,” Harris said. |
Foreclosure mobile visits Monticello - The River Reporter
Foreclosure mobile visits Monticello The River Reporter By Fritz Mayer Members of the New York State Department of Financial Services staff the Mobile Foreclosure Relief Services outside the Town of Thompson offices on May 4. Four years into the Great Recession, the outlook for homeowners facing foreclosure ... |
BofA Repurchases $330M from Freddie; Delinquencies Down, Sales... - Mortgage News Daily
BofA Repurchases $330M from Freddie; Delinquencies Down, Sales... Mortgage News Daily Ten judicial states have rates above the national average of 4.39 percent. On the other hand, among the 29 states using a non-judicial process, only Nevada has a higher rate of loans in foreclosure (6.47 percent) than the national average. |
Malloy, AG announce allocation of mortgage foreclosure settlement funds - Stamford Plus Magazine
 Mortgage Rates & Trends | Malloy, AG announce allocation of mortgage foreclosure settlement funds Stamford Plus Magazine The national settlement announced in February with the nation's five largest mortgage loan servicers will provide an estimated $119 million in loan modification and refinancing relief to Connecticut homeowners, an estimated $7.3 million to Connecticut ... Mortgage settlement could go in state's budget hole |
Home loan solutions - Albany Times Union
Home loan solutions Albany Times Union By Rick Karlin NYS Dept. of Financial Services Foreclosure Relief unit's Mobile Command Center outside the Glenville Municipal Center Friday May 11, 2011. (John Carl D'Annibale / Times Union) NYS Dept. of Financial Services executive deputy supervisor ... |
Survey Respondents Relay Concerns Over Current Mortgage Relief Programs - National Mortgage Professional Magazine
Survey Respondents Relay Concerns Over Current Mortgage Relief Programs National Mortgage Professional Magazine Money Management International (MMI) has conducted a national housing survey to learn how homeowners would act if they were struggling with mortgage payments. Survey respondents said they would first seek help from family or friends (50 percent) ... Survey: Distressed Homeowners Peg Family And Friends For Cash Help |
Struggling Homeowners Have Concerns About Mortgage Relief Help - MarketWatch (press release)
Struggling Homeowners Have Concerns About Mortgage Relief Help MarketWatch (press release) Money Management International (MMI) recently conducted a national housing survey to learn how homeowners would act if they were struggling with mortgage payments. Survey respondents said they would first seek help from family or friends (50 percent) ... |