what to do in foreclsoure

[chunying]

What is the name of your state?
Nevada
I am trying to have the lender to agree a deed in lieu of foreclosure on my property, just wondering what is the right way or language to do? also, in the meantime do I need to keep the property insured? for how long? any other obligations I need to make before the house finally taken back by the lender? Thanks

[FlyingRon]

It is entirely at the discretion of the lender to accept the deed in lieu. They're very reticent to do it if they think there is a possibility you can actually afford to to make timely payments. You need to explain how you're so insolvent that it would be worth their while. It would also help that you show you made a concerted effort to actually sell the property rather than just abandoning your responsibilities.

Yes, you are required to comply with the terms of your mortgage up until the point you are released. This includes making the payments, keeping the required insurance, and paying the taxes.

[chunying]

Thanks for your reply, how can I find someone to insure a vacant house?
If I continue making payments, how would the lender agree to take the house back?
I am really lost, not sure what to do and scared. Are there anyone out there has gone through this foreclosure process? please give me some points.

[jpathfynder]

Before doing anything get your home listed with a realtor, like yesterday. If they don't sell it, there's no cost to you. If your goal is to dump it ASAP, set the list price at the mortgage balance + 10-12%. This will cover the commission and closing costs.

[HUD-1]

Also, you can speak with a HUD-approved housing counselor for free default/foreclosure counseling. To find an agency near you, call 800-569-4287 or check online

[url]http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm[/url]

[chunying]

I'm still talking to the lender for doing a short sale, or deed in lieu of foreclosure since last time I posted a question. The lender told me to get the house listed, if there is an offer, they'll look at it and agree on the short sale, if no buyer, then might consider the dlf. my question is: do I need to get a agent who is specialized in short sale, or any real estate agent will do?
also, will the lender agree on the either short sale or dlf if I have some assetsl?
I cannot believe the magnitude of this mortgage crisis! everyone is at fault, the lenders, loan officers who pushed those exotic loans, and the appraisers. There should be a class action law suit against the lenders, they are the origin of the crisis!

[HUD-1]

Plenty of blame to go around on the subprime crisis. You can use any agent. Some now are "specializing" in short sales. The contract should be written subject to lender approval and you need to get a handle on any secondary liens out there. What the lender agrees to is at their discretion. Hopefully the sale price nets enough for them to accept less than full payoff on the short sale.

[nextwife]

You are better off using an agent your lender knows, trusts and works with. They are more likely to take that agent's input as to market value, condition and it's impact on value, etc as reliable. Ask them to refer you to one of their preferred agents, one who handles their REOs in that area.

[divona2000]

Selling, even in todays market, is your best choice. Your lender sounds willing to work with you on this, get it listed now with an Agent you have confident in. Mine worked hard, and my 'into-foreclosure' house got a solid offer mere hours before the Sheriff's Sale, we closed the deal a month later. No foreclosure on my record, no money owed. Your house is vacant? Make sure it is very clean, keep it insured and the yard maintained.

[chunying]

has anyone heard about some businesses that specialize in short sales, they charge a flat fee(a few hundred dollars), no sales commission, and they would contact lenders and do all the paper works. They said the lender would pay them the commission, not charge to me, if they had an offer. Does it sound right, please give me input, I'm desperate!

[jpathfynder]

Originally Posted by chunying

has anyone heard about some businesses that specialize in short sales, they charge a flat fee(a few hundred dollars), no sales commission, and they would contact lenders and do all the paper works. They said the lender would pay them the commission, not charge to me, if they had an offer. Does it sound right, please give me input, I'm desperate!

If the bank is accepting a short sale, the real estate agent's commission will be paid out of the sale (no cost to you). Use a real estate agent, now isn't the time to fall for some scam.

[nextwife]

I coordinate short sales as part of my job- and we'd be far more likely to agree to accept a short sale from a broker in whom we have trust than some johnny-come-lately short sale business.