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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37086
Experience:  Texas Attorney for 30 years dealing in real estate
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Questions about Deed In Lieu of Foreclosure in MD. (Ditech

Customer Question

Questions about Deed In Lieu of Foreclosure in MD. (Ditech Financial / Fannie Mae loan)A) How can I negotiate to receive max relocation assistance? Its up to $10k in MD.B) How can I negotiate to take certain items from my house... i.e. the high end washer / dryer etc. The bank said I need to negotiate with the property mgr that'll be assigned.C) Should I pay a local law firm a few hundred $ to read the final DIL offer? Should I tell the bank Im having a lawyer review it?D) How can I negotiate, so the bank reports the DIL transaction as "PAID - SETTLEMENT" or "UNRATED" to the credit unions? This will minimize credit damage.E) I read that people could receive up to $12,000 to help settle other debts. How can I negotiate to receive this?About me: Single income father going thru a Divorce, Chapter 7 approved 11/17/14, currently in foreclosure and on medical LWOP. I have no intention keeping the house and Deed in Lieu of Foreclosure is my best option.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you today.

Let's go through your questions.

A) How can I negotiate to receive max relocation assistance? Its up to $10k in MD.

You contact lender and ask for cash for keys here besides the Deed in Lieu.Everything is negotiable.Know the bankruptcy trustee may try to claim it for creditors here.

I also want to note that if you included the debt in your bankruptcy a deed in lieu is not necessary to protect you since the debt was already discharged and all they can do is foreclosed.If you did not include the debt thats a different story and deed in lieu here is appropriate.

B) How can I negotiate to take certain items from my house... i.e. the high end washer / dryer etc. The bank said I need to negotiate with the property mgr that'll be assigned.

If these are freestanding appliances--washer, dryer, stove, non built in refrigerator you have rights to remove them they are not considered part of house--a dishwasher because it is installed would be a permanent improvement.

C) Should I pay a local law firm a few hundred $ to read the final DIL offer? Should I tell the bank Im having a lawyer review it?

See A answer above, if the lender here not part of Chapter 7 then yes, the critical issue is that you are relieved from deficiency suits.

D) How can I negotiate, so the bank reports the DIL transaction as "PAID - SETTLEMENT" or "UNRATED" to the credit unions? This will minimize credit damage.

Everything is negotiable, get it in writing to be enforceable.This is going to be real hard to get lender to agree to this.

E) I read that people could receive up to $12,000 to help settle other debts. How can I negotiate to receive this?

Never heard of this, any money you get here goes to trustee if you have filed Chapter 7.This is probably not going to happen here.I mean they are writing off the debt and agreeing to not pursue you, they are highly unlikely to throw in some money.You can ask , have not seen this with any foreclosure I have been involved in.Never hurts to ask through.

I appreciate the chance to help you today.Thanks again and the best here.

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