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Is a deed-in-lieu or title-in-lieu a good option for us? We…

Is a deed-in-lieu or title-in-lieu...
Is a deed-in-lieu or title-in-lieu a good option for us?

We are not behind in our payments at this time, but I have just lost my job. My husband is retired and we are supporting our disabled son. I received a "retirement" package of $550 a month, but our joint income will not allow us to make our mortgage payment. We have been asked to join our daughter in her large house to help with her 5 kids in a two-income household.

The underlying reason for my job loss is progressive hearing loss. In this market, at my age, and with my impairments the chances of my finding work as well-paid as my former position are slim to none. We have only one other obligation, our car payment, so we don't really want to declare bankruptcy. We just want to free ourselves to help our daughter.

Because of the recent dip in the market, we are upside down in value of the house, though we did not deliberately mortgage it beyond its value.
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Answered in 3 minutes by:
6/26/2010
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,240
Experience: Attorney with 29 years of experience.
Verified

Good evening. If you can do a deed in lieu of foreclosure where the bank releases you from the liability on the loan, that would be a great solution for you. It saves the lender the time and expense of going through the foreclosure process and it would get you off the loan. Colorado, unfortunately, is a deficiency state, meaning that the lender could come after you for any deficiency should you allow the bank to simply foreclose on your house. Whether or not they decide to do so or not would most likely depend upon whether the lender thinks a deficiency judgment would be collectible. They can not come after any retirement assets or retirement income. If they think that you are basically judgment proof, it's unlikely they will pursue you.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,240
Experience: Attorney with 29 years of experience.
Verified
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Customer reply replied 8 years ago

 

Thank you for that answer. Do you have any idea of how to "Get somebody's attention" at the mortgage company? I spent two and a half hours being transferred around, disconnected and going through the same complicated telephone tree without ever getting someone who would actually give me some answers and who actually had the expertise/authority to discuss options and put them into effect.

 

If I write a letter, can you tell me any "buzz words" that will get results?

You're welcome. I know what you are going through. Lenders are so inundated with non-perfoming loans that they pay no attention to performing loans or to people trying to contact them about deeds in lieu. I know it sounds crazy, but to get their attention, you have to simply quit making payments. After several months, they will contact you....at that point, you can start discussing your deed in lieu. Until you are seriously delinquent, they simply have no incentive to discuss a deal with you. Even if you were to get a lawyer earlier in the process or write letters yourself or from your lawyer, they still don't pay any attention.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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