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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: 3 years ago.Category: Real Estate Law
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Answered in 1 minute by:
6/8/2015
Real Estate Lawyer: Barrister, Lawyer replied 3 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,090
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.
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Did the lender actually agree to do a deed in lieu of foreclosure?
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Or did you just ask for it but they haven't agreed in writing yet?
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thanks
Barrister
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Customer reply replied 3 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 3 years ago
Are you there??
Real Estate Lawyer: Barrister, Lawyer replied 3 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.
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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.
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So from a purely legal perspective, there is no way to force the lender to accept a DIL as it is at their discretion.
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thanks
Barrister
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Customer reply replied 3 years ago
Ok but why not just foreclosure. It has been 2 1/2 years. I
Real Estate Lawyer: Barrister, Lawyer replied 3 years ago
Are you paying the mortgage to the lender(s)?
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.
thanks
Barrister
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Customer reply replied 3 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 3 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.
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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.
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But there isn't anything that says they have to give you an answer within 90 days..
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thanks
Barrister
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Customer reply replied 3 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 3 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...
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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.
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thanks
Barrister
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Customer reply replied 3 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 3 years ago
Just time consuming and expensive
Real Estate Lawyer: Barrister, Lawyer replied 3 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.
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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...
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thanks
Barrister
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Customer reply replied 3 years ago
I didn't ask you to make any thing up. Just my opinion regarding your service,
Customer reply replied 3 years ago
Thank you I appreciate your answers
Real Estate Lawyer: Barrister, Lawyer replied 3 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..
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thanks
Barrister
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