deed in lieu of foreclosure

[murphylawfamily]

What is the name of your state? Ohio

We filed BK in 03 our house was not reaffirmed. We were not told that this was so or what it meant until last month. We were current going into BK, have received no statements since 5/03. In 5/04 the mortgage refused to take payment, I did not know why at the time (no statement). They had tacked on over $1000 in fees most of which were unexplained misc. fees. I did get them to take payment over the phone that month and they sent me an informational statement. When I called and questioned the fees I was told they would call back. Never happened. Then when I tried to make a payment again they would not take it. DH called and finally talked to a supervisor who said they would do a modified loan with a lower interest rate because of the missed payment they would not take. For the next 4 months I made payment via western union and each time called the person in charge. When I did get ahold of her she said we should not have made payments because it had not been appoved said she would send agreement for us to sign, it never came and she never answered any phone calls. In Dec I stopped making payments since I had no idea what was going on.

2 weeks ago they called us said the women who was servicing our account was fired. Thinking since we did not owe the mortgage we would just let it go. Then I found out the foreclosure would go on CR (2 years after BK). We do not want this to happen. So online I was advised to go to Real Estate Attorney. I went yesterday. He wants $900 retainer to neg. with mortgage co for a deed in lieu of foreclosure. We paid a $175 fee for consult. This is more than we can afford right now. Before we kill ourselves trying to come up with this $900 could we negociate this ourselves? I am worried that since we are now 3 months past due that they may start foreclosure process as I type and then what good would it do to have the attorney?

[HomeGuru]

Originally Posted by murphylawfamily

What is the name of your state? Ohio

We filed BK in 03 our house was not reaffirmed. We were not told that this was so or what it meant until last month. We were current going into BK, have received no statements since 5/03. In 5/04 the mortgage refused to take payment, I did not know why at the time (no statement). They had tacked on over $1000 in fees most of which were unexplained misc. fees. I did get them to take payment over the phone that month and they sent me an informational statement. When I called and questioned the fees I was told they would call back. Never happened. Then when I tried to make a payment again they would not take it. DH called and finally talked to a supervisor who said they would do a modified loan with a lower interest rate because of the missed payment they would not take. For the next 4 months I made payment via western union and each time called the person in charge. When I did get ahold of her she said we should not have made payments because it had not been appoved said she would send agreement for us to sign, it never came and she never answered any phone calls. In Dec I stopped making payments since I had no idea what was going on.

2 weeks ago they called us said the women who was servicing our account was fired. Thinking since we did not owe the mortgage we would just let it go. Then I found out the foreclosure would go on CR (2 years after BK). We do not want this to happen. So online I was advised to go to Real Estate Attorney. I went yesterday. He wants $900 retainer to neg. with mortgage co for a deed in lieu of foreclosure. We paid a $175 fee for consult. This is more than we can afford right now. Before we kill ourselves trying to come up with this $900 could we negociate this ourselves? I am worried that since we are now 3 months past due that they may start foreclosure process as I type and then what good would it do to have the attorney?

**A: why can't you sell the property ?

[murphylawfamily]

Originally Posted by HomeGuru

**A: why can't you sell the property ?

It is only worth about $90-95k and the attorney thinks mortgage company would not want us doing that and may start foreclosure anyways.
The last statement I did get says we owe $101. I did ask him about a short sale and he just dismissed it out of hand.

[HomeGuru]

Originally Posted by murphylawfamily

It is only worth about $90-95k and the attorney thinks mortgage company would not want us doing that and may start foreclosure anyways.
The last statement I did get says we owe $101. I did ask him about a short sale and he just dismissed it out of hand.

**A: then dismiss him and find another attorney willing to and has the experience in neogtiating a short sale of deed-in-lieu.

[murphylawfamily]

Originally Posted by HomeGuru

**A: then dismiss him and find another attorney willing to and has the experience in neogtiating a short sale of deed-in-lieu.

I spoke with mortgage co yesterday they said they would prefer us to do a short sale. My BIL is a real estate broker/agent and they said that he could sell. We will put on market maybe next week, we would like to be out before end of summer. They will take payments(to stop foreclosure) until house sells or we are ready to leave and we would have to do a deed in lieu. They are sending all paper work and I will have my BIL's lawyer or title company look at it. For once they were very nice and helpful even giving us phone numbers to real people.

HomeGuru thanks. I don't know why the attorney did that unless it was about money.