do we still have to pay anything after we signed the agreement of Deed in Lieu? what if we have a 2nd mortgage, will that be a problem too?
2007-09-06 04:20:29 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
Your mortgage company has to agree to accept your deed. But that would settle that mortgage.
The second mortgage would be a problem. It would not be settled.
2007-09-06 04:28:48 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
It will still report bad on your credit and make it hard for you to get a house in the future. Is this an investment property or your primary residence? Do you have other debt to accommodate you losing your house? Have you already entered a forbearance agreement? How far are you behind on your payments? Are you wanting to give up your house? Going into foreclosure is bad any way you look at it. You may want to consider a chapter 7 if you are that far under. It will take a minimum of 36 months before you are considered for another mortgage of more then 80% loan to value. With todays market it may be even worse then that. How long have you owned your home? How much do you owe? what is the homes value? I am a loan officer so i can offer my advice.
2007-09-06 04:31:41 · answer #2 · answered by alex j 2 · 0⤊ 0⤋
It depends on the settlement. Get the settlement in writing. It may be a good idea to have a lawyer review it.
Notify the second mortgage company of the situation and try to negotiate with them too.
Your credit record will be trashed when this happens.
Listen to Dave Ramsey on the radio as he discusses this almost every weekday.
2007-09-09 22:40:56 · answer #3 · answered by Jeff H 5 · 0⤊ 0⤋