Real Estate Law

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

Ask a Lawyer,
Get an Answer ASAP!

I requested a deed in lieu of foreclosure from my mortgage…

Customer Question
I requested a deed in...
I requested a deed in lieu of foreclosure from my mortgage company 2 1/2 years ago. I have read that it only takes a few months. What can I do?
Submitted: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 1 minute by:
6/8/2015
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,633
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
.
Did the lender actually agree to do a deed in lieu of foreclosure?
.
Or did you just ask for it but they haven't agreed in writing yet?
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
They have told me for years that they are contacting my HOA and 2nd Lender to make offers. I do not remember getting anything in writing.
Customer reply replied 2 years ago
Are you there??
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Ok, there may be some confusion about a DIL, so I will try to clear it up. A DIL is where the lender agrees to take back the property from the borrower and in return, cancel any outstanding debt that the borrower owes. So essentially both parties just walk away from the deal.
.
However, there is no "right" to a DIL as it is entirely up to the lender as to whether they will agree to accept the property back and cancel the debt. In many cases, if the property is far upside down, the lender won't agree because they would rather foreclose if the loan defaults so they can have any federal mortgage insurance reimburse them for any losses.
.
So from a purely legal perspective, there is no way to force the lender to accept a DIL as it is at their discretion.
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
Ok but why not just foreclosure. It has been 2 1/2 years. I
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Are you paying the mortgage to the lender(s)?
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
Is it true that federal law requires the lender to make a decision with in 90 days?
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
No, that 90 day timeframe is typically how long someone would be in default before the lender would consider a modification, short sale, or DIL.
.
The only 90 day requirement is that after a deed in lieu has been approved, the borrower must complete the transfer of the property within 90 days of the date of approval or else the loan servicer may pursue other methods of repayment.
.
But there isn't anything that says they have to give you an answer within 90 days..
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
So they can just keep jerking me around forever. I have not make a payment since 11/12
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
To be blunt, yes. But if you are living there without paying anything for the mortgage, then this should be giving you an opportunity to save up money for a move if they ever actually decide to foreclose...
.
The lender sometimes won't foreclose because they don't want the liability for the property, maintenance costs, HOA fee costs, tax costs, and other problems that come along with owning property. So they may be content to just let you stay there for quite some time until the market rebounds and it is worth it for them to foreclose and resell the property.
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
Ok. I have not lived there for 2 years. This is frustrating and unfortunately I can not say using your service has been helpful.
Customer reply replied 2 years ago
Just time consuming and expensive
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Well, there is nothing that would prevent you from moving back in because you are still the legal owner of the property until they foreclosed.
.
Unfortunately, I can't make things up and tell you that you can force them to approve and take back the house with a DIL. It just isn't true and I have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
I didn't ask you to make any thing up. Just my opinion regarding your service,
Customer reply replied 2 years ago
Thank you I appreciate your answers
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
You are very welcome. And if you are unsatisfied with my service for any reason, you can always contact the customer service dept of JustAnswer and request a refund, no questions asked..
.
.
thanks
Barrister
Ask Your Own Real Estate Law Question
Was this answer helpful?
Ask Barrister Your Own Question
Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,633
41,633 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

Barrister 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:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

41,633 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 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

4,925 satisfied customers

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

< Previous | Next >

Related Real Estate Law Questions
What is the responsibility of the HOA to reseach and select
what is the responsibility of the HOA to reseach and select paint that is best for stucco with visible cracks (i.e. elastomeric paint) to prevent and protect the stucco from future cracks. … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,841 satisfied customers
We are waiting for the road maintenance and security HOA,
We are waiting for the road maintenance and security HOA, where we own a log cabin in NC, to remedy a problem they have caused to our property. They replaced a culvert under the road behind our Nextdo… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,587 satisfied customers
Can my HOA legally deny me a reverse mortgage? I've been in
I've been in contact with a mortage lender who actually contacted the association, and was denied … read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
3,257 satisfied customers
Virginia HOA issue. Petition sent to HOA Board.Copy sent to
Petition sent to HOA Board.Copy sent to Management Company … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,587 satisfied customers
My Hoa dues are in arears. My Mortgage payments are up to
My Hoa dues are in arears. My Mortgage payments are up to date. I am a disabled VET and have offered to pay my HOA dues up to date with partial payments. HOA has refused this and plans to foreclose on… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,587 satisfied customers
Our mortgage lender requested a copy of our HOA's W-9 for
Our mortgage lender requested a copy of our HOA's W-9 for update our files. When the HOA provided the W-9 they also shared with our mortgage company (on the 26th of the month) that we had not paid our… read more
Michael Gonzalez
Michael Gonzalez
JD
580 satisfied customers
I indeed have a question, on HOA ,atters. on our HOA. We
Hello ****. I indeed have a question, on HOA ,atters … read more
Lori
Lori
Juris Doctor
1,343 satisfied customers
I'm atheist, and I live on a 55 plus HOA community, My HOA
Hello, I'm atheist, and I live on a 55 plus HOA community, My HOA is conducting a meeting at a church. I really want to go to the meeting because its on my best interest and I want to be updated on my… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
My wife and I is having a problem with our HOA. The HOA and
Second opinion] My wife and I is having a problem with our HOA. The HOA and ACC is trying to enforce bylaws that are not in our HOA declarations. we started a fence privacy project in 2016 we notified… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,841 satisfied customers
My wife and I is having a problem with our HOA. The HOA and
My wife and I is having a problem with our HOA. The HOA and ACC is trying to enforce bylaws that are not in our HOA declarations. we started a fence privacy project in 2016 we notified the HOA we will… read more
Ray
Ray
Lawyer
Doctoral Degree
7,559 satisfied customers
We own our home, no mortgage, and our HOA is NOT responding
We own our home, no mortgage, and our HOA is NOT responding to us WRT several complaints we have filed with violations of our declaration of covenants. How do we put our HOA dues in an escrow that the… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Is it illegal for a condominium association HOA (or counsel
Is it illegal for a condominium association HOA (or counsel hired by the HOA) to threaten to a homeowner's mortgage bank to foreclose on that homeowner's condo in pursuit of an assessment charged by t… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,841 satisfied customers
MORTGAGE QUESTION: When mortgage lenders make loans to
MORTGAGE QUESTION: When mortgage lenders make loans to individuals to purchase a condominium/home where there is a Condominium Association / Home Owners Association (HOA), do they typically require be… read more
Lori
Lori
Juris Doctor
1,343 satisfied customers
I own (flat out, no mortgage) a condo in Fresno, CA. The HOA
I own (flat out, no mortgage) a condo in Fresno, CA. The HOA BoD's takes directions & legal advice from a "Prop. Supervisor," who wants me to abandon ship. Moved here 15 yrs. ago and STILL the common-… read more
socrateaser
socrateaser
1,031 satisfied customers
Can individual HOA members be liable for HOA common
Can individual HOA members be liable for HOA common property? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
11,278 satisfied customers
In Florida, if an HOA forecloses (no mortgage, owned free
In Florida, if an HOA forecloses (no mortgage, owned free and clear), if the auction sale prices does not cover the past due fees, interest, etc is the fee slate wiped clean and starts fresh or do the… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,587 satisfied customers
I live in a HOA and I own 2 homes. I pay maintenance fees on
I live in a HOA and I own 2 homes. I pay maintenance fees on both properties each year. My HOA board is telling me that if I let my renters use the common areas, I forfeit my rights to use them. I liv… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,517 satisfied customers
If there is a first mortgage on a property, can the HOA
If there is a first mortgage on a property, can the HOA foreclose and take title to the property for non payment of dues? … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 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