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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Deed in Lieu Posted by Jim Shrout on August 11, 2003 at 9:36 AM In Reply to: Re: Deed in Lieu posted by Laurie on August 10, 2003 at 8:40 AM : : : Please help! We are in a mess. We have a house that we had renters in for 8 months. They moved out without notice back in March and trashed the place.So we had to do a lot of repairs, some we did ourselves,other things we paid someone to do. It took us 31/2 months to do and lots of money, not to mention the house payment and also our own house payment. Finally we rented it again to someone we knew, and guess what, they moved before the first month was over, because she lost her job. She broke her 6 month lease, and left such a mess in the house. We had just put in a new kitchen floor after the first renters, and she ripped it completely moving the refridgerator. We are completely strapped for money, (my husband is laid off from work) and we cannot afford to go in and fix the things that she did and also put in a new floor. I have had a property manager try and rent it with no luck. A realtor told a few days ago that it would only sell for about $95,000 in the condition it is in now, but we owe $123,000. We do not have any liens against it and the taxes are current. We have not missed a payment as yet, but it is due in 16 days and we won't have it. The mortgage company suggested a Deed in Lieu, but from reading your posts, it doesn't sound too easy. Any suggestions? Thanks : : what area of the country are you in? : We are in Colorado Colorado, It looks like your lender is asking you if you want to give them the house "deed" in liue of them foreclosing on you...I have a few thoughts you may consider... 1) Have you considered talking with a lender in order to get a refi, 2nd TD or home equity loan? 2) Do you have any family, friends, etc. that may want to help you w/payments until you can fix up and find a renter? 3) Have you considered asking someone (maybe on this board) if they would like to "partner" w/you ? 4)(Last Option) You could sign house over to someone (investor) and they could handle the back payments, fix-up and rental or sale of the house instead of you going into foreclosure. Let me know if i can be of any other assistance to you... Jim Shrout Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Please help! We are in a mess. We have a house that we had renters in for 8 months. They moved out without notice back in March and trashed the place.So we had to do a lot of repairs, some we did ourselves,other things we paid someone to do. It took us 31/2 months to do and lots of money, not to mention the house payment and also our own house payment. Finally we rented it again to someone we knew, and guess what, they moved before the first month was over, because she lost her job. She broke her 6 month lease, and left such a mess in the house. We had just put in a new kitchen floor after the first renters, and she ripped it completely moving the refridgerator. We are completely strapped for money, (my husband is laid off from work) and we cannot afford to go in and fix the things that she did and also put in a new floor. I have had a property manager try and rent it with no luck. A realtor told a few days ago that it would only sell for about $95,000 in the condition it is in now, but we owe $123,000. We do not have any liens against it and the taxes are current. We have not missed a payment as yet, but it is due in 16 days and we won't have it. The mortgage company suggested a Deed in Lieu, but from reading your posts, it doesn't sound too easy. Any suggestions? Thanks : : : what area of the country are you in? : : We are in Colorado : Colorado, : It looks like your lender is asking you if you want to give them the house "deed" in liue of them foreclosing on you...I have a few thoughts you may consider... : 1) Have you considered talking with a lender in order to get a refi, 2nd TD or home equity loan? : 2) Do you have any family, friends, etc. that may want to help you w/payments until you can fix up and find a renter? : 3) Have you considered asking someone (maybe on this board) if they would like to "partner" w/you ? : 4)(Last Option) You could sign house over to someone (investor) and they could handle the back payments, fix-up and rental or sale of the house instead of you going into foreclosure. : Let me know if i can be of any other assistance to you... : Jim Shrout Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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