InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Deed-in-lieu details... Posted by Kevin on August 14, 2003 at 8:30 AM In Reply to: Deed-in-lieu details... posted by Ward-CA- on August 13, 2003 at 9:24 PM Thanks to everyone who answered. I think I misunderstood what the difference between deed-in-lieu and foreclosure was but I get it now. My understanding, as explained to me by a real estate investor, was that I could essentially "walk away from a house" and let the bank foreclose on the house, and that would be all the bank could do, ie. they couldn't go after my assets, all they could reclaim was the house. Of course, my credit rating would go down the tubes, but that was the extent of the financial repercussion. If I were to purchase a house through conventional means (ie. a regular mortgage through a bank) is this the case? I inferred from a previous post that was the case, but could someone confirm this? (Don't worry, I won't take it blindly, but just as further evidence that my original information is correct ;)) Is there a resource that anyone is aware of that could spell out my rights and/or liabilities in the case of a mortgagor during foreclosure? I have googled for information, but was unable to find anything substantial except for this forum. I come from Canada, and as I far as I knew, in Canada you remain liable for any deficiencies suffered by the lender after foreclosure, which is why this concept is very new to me. Thanks for any help, Kevin Follow Ups: Re: Deed-in-lieu details... Kevin 8:54 AM, 08/14/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks to everyone who answered. I think I misunderstood what the : difference between deed-in-lieu and foreclosure was but I get it now. : My understanding, as explained to me by a real estate investor, was that : I could essentially "walk away from a house" and let the bank : foreclose on the house, and that would be all the bank could do, ie. : they couldn't go after my assets, all they could reclaim was the : house. Of course, my credit rating would go down the tubes, but : that was the extent of the financial repercussion. If I were to : purchase a house through conventional means (ie. a regular mortgage : through a bank) is this the case? I inferred from a previous post that was : the case, but could someone confirm this? (Don't worry, I won't take it : blindly, but just as further evidence that my original information is correct ;)) : Is there a resource that anyone is aware of that could spell out my rights and/or liabilities : in the case of a mortgagor during foreclosure? I have googled for information, but was : unable to find anything substantial except for this forum. I come from Canada, and as I far as I : knew, in Canada you remain liable for any deficiencies suffered by : the lender after foreclosure, which is why this concept is very new : to me. : Thanks for any help, : Kevin 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455