Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

We have been trying to do a loan modification for over two…

Customer Question
We have been trying to...
We have been trying to do a loan modification for over two years. When we got our offer from the mortgage company our payment went up instead of down. I lost my job the week we got this offer. If we couldn't make a $1755.00 payment we sure can't make a $2000 payment with me not working.

Anyway I spoke with 3 different real estate agents and they all said they couldn't really help us do a short sale because we owe more than the house is worth and every offer that they will present to our mortgage company will be shot down...therefore, they can drag this out forever.

Then we decided to try to do a deed in lieu of foreclosure back in April. I sent all the info to the mortgage company and have been patiently waiting for their reply. Well, today the collection department called and then I called the lady I spoke with in April about the deed in lieu and was informed that we can't do a deed in lieu in the state of Georgia. I am really tired of dealing with these people. I feel like I am jumping through all these hoops for them just to get kicked in the butt in the end every time.

Is it true we can't do a deed in lieu in Georgia? Now they are telling me to call the list assist department to put the house up for sale. How much longer can they continue to torture us? Will we be held responsible for the loan deficiency when it is sold? And, won't this totally screw our credit up for, like forever? I am really tired of this...we are going into our third year.

We have found a rental property and wonder if we shouldn't just let them foreclose and be done with the whole thing so we can just move on with our life.
Submitted: 8 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 1 minute by:
6/29/2010
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,665
Experience: Experienced lawyer
Verified
Hello and thank you for your question.
You want to avoid a foreclosure. This is a matter of negotiation but lenders are more likely to acomodate such an application these days seeking to avoid long litigation and legal fees. You need the lender consent to do a deed in lieu or a short sale to avoid a deficiency claim for the difference.
If a foreclosure is secured and a deficiency judgment in addition, then indeed the creditor can put a lien on other assets. Seek to negotiate a deed in lieu of foreclosure to avoid this prospect
To find local counsel to represent you, see www.martindale.com
Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
I already know eveything that you replied and everything we have tried they have shot us down. They are saying we can't do a deed in lieu in the state of Georgia. Is this true?
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
You need to attempt the short sale process initially. Keep in mind that any refinance or alternative to foreclosure is a matter of lender discretion. It often helps using a local lawyer to speak to lender who has dealt with them before.
Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
Still haven't said if deed in lieu's are accepted in Georgia. They said it was a Georgia law, not a Chase rule.
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
They will do a short sale or else refinance. They could take the deed but rare.
Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Infolawyer Your Own Question
Infolawyer
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,665
63,665 Satisfied Customers
Experience: Experienced lawyer

Infolawyer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

63,665 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
Do I have any recourse while waiting for Bank of America to
Do I have any recourse while waiting for Bank of America to decide if they will close my Deed In Lieu? I have went through all the hoops; applied for loan modification and short sale and rejected for … read more
Attorney 1
Attorney 1
2,703 satisfied customers
We have a second home that we have been trying to sell since
We have a second home that we have been trying to sell since 2007. We have continued to lower our price as we continue to reduce our payoff. We are currently 40% below our initial listing price back i… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
A mobile home is owned in Arizona. When purchased it was placed
A mobile home is owned in Arizona. When purchased it was placed on a 40 acre parcel that was owned debt free. A load was acquired by a company called 21st Mortgage. After 2 years my cousin's husband l… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
Hello, My husband and I recently relocated to Maryland,
Hello, My husband and I recently relocated to Maryland, but have a condo that we own in New Jersey. We currently own $158K on the condo, and it is now worth $100-130K. We have never missed a payment. … read more
Thomas Swartz
Thomas Swartz
Attorney
Juris Doctor
2,902 satisfied customers
I own a single family home in Georgia on a VA loan held by
I own a single family home in Georgia on a VA loan held by a major national bank. I have owned it since 2001 and have never missed a payment. My credit score is approximately 770 at the moment. Recent… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
Ive got an $875k mortgage on an underwater home worth $750k
I've got an $875k mortgage on an underwater home worth $750k and want to get out of this mess as quickly & cheaply as possible. Some questions: 1. Is a loan mod request an option? Should I stop paying… read more
KimberlyLaw
KimberlyLaw
Principal Attorney
Master\u0027s Degree
3,911 satisfied customers
I tried for two years to get my mortgage company to do a mortgage
I tried for two years to get my mortgage company to do a mortgage modification. They just kept turning me down with one excuse after another. I have come to a point where I am considering a Deed in Li… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
31,003 satisfied customers
We cannot afford to make our payments as our home is upside
We cannot afford to make our payments as our home is upside down, my husband lost his job and has now relocated to another state to work (now making our expenses greater than our income). Last month f… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
My Michigan Home is listed as a short sale; for over two years.
My Michigan Home is listed as a short sale; for over two years. We just had our fourth offer fall through, because of the amount of time buyer could not wait anymore. Our third offer was market value … read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My husband and I own a home, that weve been in for 6 years...I
My husband and I own a home, that we've been in for 6 years...I lost my job and am going back to school full-time. In march we attempted to modify our home loan, the mortgage company, just got back to… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
I want out of my mortgage!! I have tried a refinance with Mortguage
I want out of my mortgage!! I have tried a refinance with Mortguage Co with recieving a denial because of credit rating. My credit rating has been trashed since a student loan was discharged that I wa… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
If we foreclose on our house how can it affect our credit cards
If we foreclose on our house how can it affect our credit cards and other unsecured loans? Are there new laws in place that keep the banks from increasing our rates?… read more
GoLaw
GoLaw
Doctoral Degree
751 satisfied customers
Gmac wont release inusurance check for roof repair. We didnt
Gmac won't release inusurance check for roof repair. We didn't hire a contractor, did repairs ourselves. Their inspector said repairs done at 100%, the mortgage company are trying to make us commit fr… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Our home in Idaho is about to go into foreclosure. Can we
Our home in Idaho is about to go into foreclosure. Can we walk away from it without a judgement for the difference after it is sold?… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My husband and I have two homes in the state of Oregon, our
My husband and I have two homes in the state of Oregon, our primary residence is paid off, but our 2nd home (investment) is in foreclosure. We have made every attempt with the lender to try and save i… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I have a home in Henderson, NV and live/ work in Arizona. Unable
I have a home in Henderson, NV and live/ work in Arizona. Unable to sale my home. I have only been able to make interest only payments on a "pick-a payment" loan just to keep it, hoping the value of h… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
My husband and I are in the process of funding our trust. We
My husband and I are in the process of funding our trust. We used the SuzeOrman kit. Everything is going well except for our mortgage company. They want their escrow officer to read the trust. I assum… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I have someone who was buying a house from me. The past
I have someone who was buying a house from me. The past year and a half has not paid me anything. Went and told him to leave at the beginning of this year and he is still not out. Will I have to take … read more
CALawyer
CALawyer
Attorney
Juris Doctor
1,622 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x