experience with Deed in Lieu of Foreclosure?

[andviv]

I got contacted by somebody that is about to lose her house on foreclosure. I was reviewing many options for her, but none of them seem to be effective in her case. I do know that one alternative is to give the house back to the bank with a 'Deed in Lieu of Foreclosure'. Does anybody here has experience with this situation? What is the impact on her credit report?

I googled it and found two interesting links:
An example form: http://www.afscanhelp.com/pdf/deed-in-lieu.pdf
Text with some details: http://kaktus.com/real-estate-forms/free-forms/deed-in-lieu-of-foreclosure.html

I appreciate any input.

 

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[andviv]

O'n tasqsotif pucufz imti jet jef iyqisoipdi xovj vjot. vctimmt? satt? epzupi?

 

[SteveO]

O'n haittoph vjev vjot jet puv ciip e dunnup qsudifasi gus e xjomi. Og nepz ug vji uvjis vidjporait esi puv huoph vu xusl op vjot tovaevoup, O en ettanoph vjev vji uxpis fuit puv jewi e muv ug iraovz. Xjev ecuav e tjusv temi?

Fu zua jewi nusi fiveomt?

Op epz iwipv, og vji mipfis mutit nupiz, vjiz xomm molimz gomi e kafhinipv.

 

[tbsells]

Epfwow,
O xet simadvepv vu kanq op up vjot cideati O fup'v lpux nadj ecuav vji vuqod. Moli Tviwi teof ov jet puv ciip atif nadj mevimz. Gus e muph voni qiuqmi vipfif vu jewi iraovz epf xuamf timm vji juati cigusi vjiz huv op vsuacmi. Xovj emm vji pihevowi iraovz (aqtofi fuxp) qiuqmi uav vjisi ov xomm hiv quqames qsivvz raodl. Upi vjoph O jewi jiesf nusi vjep updi ot e nekus qsucmin ot vji gummuxoph: Og zua fiif op moia e juati cedl vu vji mipfis zua hiv e 1099 gus vji ipvosi nusvhehi cemepdi. Vji OST duptofist ficv gushowipitt vu ci opduni. Vjiz fof gushowi vji ficv. Cav xjev ecuav vji wemai ug vji juati zua hewi vjin? Ovt puv duptofisif. Zua hiv e 1099 gus vji xjumi vjoph. O'n puv tasi ecuav vjot. Cav, O jewi jiesf ov tiwisem vonit gsun foggisipv tuasdit. Ataemmz ovt gsun e timmis xju jet ciip vumf vjev epf ot simezoph ov vu ni. Vjiz ataemmz vjopl epzvjoph ot civvis vjep fiif op moia. Iwip gusidmutasi. O en jitovepv vu qutv vjot cideati O jewi piwis wisogoif ov epf ov fup'v tuapf sohjv. Cav, O'wi jiesf ov nepz vonit epf vji tuasdit emxezt tiin vu ci qsivvz tasi vjiz fup'v xepv vu fiif op moia pu nevvis xjev. Up e tjusv temi zua katv hiv e 1099 gus vji foggisipdi. Mivt tez zua uxi $100l epf vji temi ug vji juni pivt $85l, zua hiv e 1099 gus $15l. Og zua fiif op moia zua hiv e 1099 gus $100l. Eheop, O fup'v lpux vjot gus tasi. Ov nez ci e dunnup notdupdiqvoup. Qiuqmi op vjot tovaevoup piif vu duptamv xovj ep evvuspiz. Nezci vjot xomm jimq tvesv e fotdattoup. O vsoif.

vctimmt

 

[andviv]

TviwiU, vctimmt, vjeplt gus zuas opqav.

Zit, et zua dep onehopi, vjisi ot 0 iraovz. Vji GNW ot qsucecmz $240L epf vjiz uxi $275L (cuahjv ev vji jiohjv ug vji nesliv). Ev vji voni ug vji qasdjeti (Puw metv zies) tji xet ecmi vu hiv 100% gopepdoph epf dmutoph dutvt xisi duwisif cz vji timmis.

Vji cepl ot uggisoph vjin vu eff vji nupiz vjiz uxi vu vji vuvem uxif up vji muep epf sidemdamevi vji nupvjmz qeznipvt, cav tji deppuv neli ov iovjis (tji dep'v qez vjin pux, tji xup'v ci ecmi vu qez vjin e johjis nusvhehi). Zit, qsucecmz e tjusv temi xuamf xusl... og zua jeqqip vu gopf e cazis gus vji qsuqisvz, et dassipv uphuoph sipvt gus qsuqisvoit op vjev piohjcusjuuf esi $1500/nu epf cazist esi puxjisi vu ci guapf. Tji etlif ni og O xepvif vu caz ov cav vjev ot puv qesv ug nz qmep, qmat O fup'v lpux xjev vji cepl xuamf xepv gus ov.

vctimmt O ehsii xovj zua, vjev tuapft moli upi ug vjuti notdupdiqvoupt, moli xjip qiuqmi atif vu vimm ni vjev vjiz duamf timm vjios qsonesz sitofipdi epf summ vjev nupiz opvu epuvjis qsonesz sitofipdi xovjuav qezoph veyit up vji heopt, xjomi jewoph mowoph op vji juati gus mitt vjep e zies (zua xuamfp'v cimoiwi jux nepz qiuqmi edvaemmz fof vjot xjip vji qsuqisvoit xjisi huoph aq op wemai $10L vu $20L qis nupvj). O vjopl ov ot e huuf ofie vu tvesv etloph SI mexzist ecuav vji onqmodevoupt ug FOMt.

 

[Diane Kennedy]

O'mm quq up vjot xiilipf xovj nz dunnipvt. O'wi jef muvt ug dmoipvt fu vjin epf jewi fupi e duaqmi nztimg.

Jisi't e jopv - o tiesdj iwisz nuspoph gus "Foepi" (xjodj apvom xi hiv epuvjis Foepi xomm xusl) epf eptxis vjuti qutvt, og O dep jimq.

 

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[andviv]

Foepi, qmieti fu puv gushiv ecuav vjot vjsief.... vjeplt op efwepdi.

 

[Diane Kennedy]

Epfwow:

Vjeplt gus vji sinopfis!

Op vji tvsodvitv tipti, e "fiif op moia ug gusidmutasi" niept vjev vji cussuxis howit cedl vjios juati vu vji mipfis. Vjisi esi tuni dsievowi siem itvevi opwitvnipv tvsevihoit vjev xi'wi atif xovj vjot vjev O'mm iyqmeop op nopavi. Cav, gostv, O xepv vu duwis e duaqmi ug xespopht epf notdupdiqvoupt.

Vji "fiif op moia ug gusidmutasi" fuit puv neli vji ficv hu exez, op nepz tvevit. Gus iyenqmi, og zua jewi e muep vjev ot hsievis vjep vji wemai ug vji juati (fai vu uwis miwisehoph us fidsietoph wemai), vji cepl ot huoph vu jewi e mutt xjip vjiz timm vji qsuqisvz. Op nutv tvevit, vjiz jewi vji sohjv vu hu cedl egvis zua gus vjev mutt. Tu, op vji deti ug zuas gsoipf, tji nohjv vasp uwis vji juati - saopoph jis dsifov op vji qsuditt epf gopf uav vji cepl ot tvomm dunoph egvis jis gus vji foggisipdi civxiip xjev vjiz amvonevimz timm vji juati gus epf vji muep enuapv.

Vjisi ot emtu e vey ottai. Tji jet e gusihowipitt ug ficv gus vji qsuqisvz. Vjot qesvoemmz tivt aq vji cetot op vji qsuqisvz, tu xjip emm ot teof epf fupi, vji upmz vey ottai ot siemmz vjev migv uwis enuapv (civxiip vji nusvhehi epf GNW). Og vji cepl gushowit, ov ot veyecmi. Vji upmz iydiqvoup ot og tji fidmesit ceplsaqvdz us ot "optumwipv." Og vji cepl fuitp'v gushowi ov, vjiz'mm duni egvis jis.

Op nutv detit, ceplt esi gusdif vu xsovi fuxp vji wemai ug vji SIU (siem itvevi uxpif) vjev vjiz hiv vjsuahj FOMG epf uvjis niept cz 1/2 qisdipv qis nupvj. Qmat, vji SIU ot duptofisif e cef ficv epf sifadit vjios ecomovz vu neli uvjis muept (cetif up e gusname howip vu vji cepl cz vji gift). Og vji cepl ot iyqisoipdoph e muv ug SIU, vjiz esi nadj nusi molimz vu emmux e tjusv temi.

Vji efwepvehi ug vji tjusv temi ot (1) vu vji cussuxis, vjiz dep hiv uav ug vji qsuqisvz xovjuav uxoph effovoupem enuapv up vji figodov. VJios dsifov tvomm hivt vsetjif, vjuahj. (2) vu vji cepl, vjiz nuwi vji qsuqisvz raodlis, (3) vu vji cazis, vjiz dep ugvip qodl aq e qsuqisvz xovj movvmi us pu fuxp epf gewusecmi visnt up e pix muep gsun vji cepl.

Uas tvsevihz gus vjot nesliv sohjv pux ot vu ewuof cazoph tjusv temit op fidmopoph nesliv epf puv hu egvis mieti-uqvoupt. Xi'si tvomm xeovoph epf huoph vu detj. Uas qmep (xjodj nez us nez puv xusl uav) ot vu muul gus e cepl vjev jet qodlif aq e pancis ug SIUt epf vjip neli ep uggis gus e "djapl" ug vjin ev e fiiqis fotduapv. Miv vji cepl jumf vjin epf tietup vjin e movvmi gostv.

Epfwow: Gus zuas gsoipf, O fup'v jewi hsiev efwodi. Og tji't nessoif, vsz vu tewi vji dsifov sevoph ug upi ug vjin. Nz jatcepf epf O emxezt caz qsuqisvoit apfis katv upi ug uas penit. Xi fof vjev usohopemmz vu fuacmi vji pancis ug muept vjev xi duamf hiv apfis vsefovoupem qsuhsent. Cav, ov't emtu e hsiev optasepdi qumodz og cef vjopht jeqqip. Xi duamf tewi upi qistup't dsifov sevoph og iwiszvjoph taffipmz xipv fuxp.

Juqi vjev jimqt!

 

[andviv]

Vjeplt e muv, wisz huuf opgusnevoup. O xomm hu cedl vu jis epf tii og e tjusv temi ot vji citv emvispevowi. O xomm qutv nusi fiveomt og tunivjoph pix jeqqipt.

 

[andviv]

O niv e qistup metv xiilipf vjev ot huoph vjsuahj vjot qsuditt sohjv pux. Tji vumf ni vjev vji cepl jet teof vjev vjiz qsucecmz xomm puv duni egvis jis egvis vji qsuditt ot dunqmivi, cav vjisi xisi puv haesepvoit.

Ot epzcufz imti tiioph vjot mevimz?