I see about getting a new loan (even a private lender) and have repairs made, bring it up a bit a sell your way out of it, but I don know the market there. Good luck.
Giving a quit claim bars the lender from seeking any deficiency amount, it is accepting the property in lieu of the amounts owed. You can offer the deed, but I doubt they take it.
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So there are many implication here that have to be considered.
Any suggestions greatly appreciated.
Whether a bank wants a property back will depend on costs to foreclose versus a DIL and if any post redemption rights exist which the seller could waive giving the property back to the bank.
My question is how to approach the lender. What negotiation tactics or information could I specifically ask the lender to produce? Anything that might help our negotiation w/ the lender to make it more likely they will release her from the deficiency?
I intend to help her by negotiating w/ her lender Wells Fargo, but I don even know where to start on this one. Property was purchased as a 2nd home, she can meet the hardship no problem, but would the bank accept a deed in lieu on something like this? or should she just let it go and deal w/ probable/possible deficiency later(She does have job earning approx 50k/yr). I was thinking if she could offer maybe 10 15k cash they may take it as a short pay, but I don know if the bank is going to want anything to do w/ that property w/o giving her a fat deficiency judgement.
I have gone over all these items w/ her previously. 1 thing you mentioned that I didn really put weight on was that it is a redemption state(1yr) so that may help a little in negotiating the deed in lieu.
If there are a bunch of additional liens attached the bank will generally foreclose to wipe those out unless the junior liens agree to release for a tiny amount Air Max 95 Lime Green And Grey
Can this Deed in Lieu be done
Hi Everyone! Any suggestions, greatly appreciated. I trying to help a good friend out that got herself into a real bind. She bought a property from a shady investor in Birmingham, AL 1/09 that has been nothing but a nightmare. He gave her a verbal Nike Air Max 95 Premium Wolf Grey warranty(her 1st mistake not in writing) on the house for a year as she did not get an inspection (her 2nd mistake). 6 months after owning the roof caved in, then the tenants later living there totally took advantage, numerous other expenses spent, and finally getting notice from code that the property supposedly has been condemned since 2002 yet that never showed on any public records(Title ins did not cover) and the water was previously able to be turned on, yet now city saying it can b/c property is condemned?? 10k+ in repairs needed to now bring out of condemned status b/c code really stuck it to her. She had a property manager out there that didn quite manage. With the repairs needed to bring out of condemned status this house is worth nothing, $0.
say 1,000 or so. Thanks for the response. All great things to consider. Air Max Light Essentials
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I suggest you talk to an attorney. If you can show that the seller had or should have had knowledge of the roof you might go back on the seller. Disclosures are required for latent defects. The warranty is implied and if it was a new home other warranties may apply.
They can also freeze credit lines,credit card accounts and just ask Nike Air Max 95 Olive Green
Is here credit good?? If it is crap already then you just work to not get a deficiency.
for her to keep paying the balance but not allow new charges.
Any suggestions on how to approach this with the lender greatly appreciated. She mentioned the loan was w/ I think HSBC and now it w/ Wells Fargo(she is current still, but planning on letting go next month), maybe we can find some loop hole in requesting the lender to produce certain docs, that maybe have been lost in the shuffle since Jan 2009? I don know. Any creative ideas or advice from experience greatly appreciated, She is a really sweet girl and doesn deserve what she gone through, would love to be able to offer her some help. Thanks!
Thanks for the response Financexaminer. It a tough situation and she will likely have to let it go. Property was built in 1930, contract was "As Is" and I think it will be tough to prove the seller new of any roof issues as seller was an investor that never lived in the property. The property would literally sell for 15k all fixed up and repairs will be 12 15k so the property has no value. The only thing I can think is to offer the lender a short pay of say 10k and maybe a note for another 10 20k if she had to. She can come up with 10k to pay them up front. Don know what else she can do, other than just let it go. Any other thoughts greatly appreciated!
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