Real Estate Law

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

Ask a Lawyer,
Get an Answer ASAP!

Questions about Deed In Lieu of Foreclosure in MD. (Ditech…

Customer Question
Questions about Deed In Lieu...
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: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 13 minutes by:
2/22/2016
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 49,638
Experience: Texas Attorney for 30 years dealing in real estate
Verified

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.

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 Ray Your Own Question
Ray
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 49,638
49,638 Satisfied Customers
Experience: Texas Attorney for 30 years dealing in real estate

Ray 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

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

49,638 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
I have a similar situation. My client is about to sign a
I have a similar situation. My client is about to sign a Deed in Lieu and then I read this right now her DIL reads as :The parties hereto agree that this Deed is delivered in lieu of foreclosure, and … read more
Lori
Lori
Juris Doctor
2,548 satisfied customers
My husband and I had a 20o5 ortgage with Ocwen/JpMorgan
My husband and I had a 20o5 ortgage with Ocwen/JpMorgan which our 1st psyment due was 37.000 for reasons we were never able to find out exactly why other than additional broker fees added to loan as w… read more
Maverick
Maverick
Doctoral Degree
6,494 satisfied customers
I want to sell my condo to my tenant and am willing to make
I want to sell my condo to my tenant and am willing to make seller's concessions to help her. The condo is not eligible for FHA financing. We had a contract signed by both parties and settlement sched… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I was a home owner and fell behind on payments. I submitted
i was a home owner and fell behind on payments. I submitted 4 requests to the lender for mortgage relief and was denied. during that time I had to file a protective order to keep my husband away. I ev… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,949 satisfied customers
I am underwater on a Fannie Mae backed mortgage. The services
I am underwater on a Fannie Mae backed mortgage. The services for Fannie Mae is Greentree Servicing. I live in Yuma, AZ where my valuation is at least $50,000 lower than my loan. I refinanced through … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,865 satisfied customers
I am losing my home due to a disability. I was hit by a car
I am losing my home due to a disability. I was hit by a car as a pedestrian. My Social Security Disability does not kick in until August 2013. I was turned down the first time so I just applied again.… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
31,446 satisfied customers
NC Jumbo loans-- I have reviewed your answers for Fannie Mae
NC Jumbo loans-- I have reviewed your answers for Fannie Mae Freddie Mac max loans forNC what rules apply for jumbo over 417k in regards XXXXX XXXXX recourse & deficiency balancesFor primary & HELOC ?… read more
socrateaser
socrateaser
1,031 satisfied customers
I have a rental house that I had bad luck with section 8 and
I have a rental house that I had bad luck with section 8 and regular tenants destroying the property. I ended up getting behind in payments and the bank agreed to do a forbearance. I continued payment… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,775 satisfied customers
I did a deed-in-lieu with Bank of America. The process was
I did a deed-in-lieu with Bank of America. The process was chaos (i.e. they took over the deed in May, told me it wasn't approved all the way up into September, changed the locks on me when I was stil… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I live in California and I recently negotiated a DIL (Deed
I live in California and I recently negotiated a DIL (Deed in Lieu of Foreclosure) with my lender who was insured by Fannie Mae. Fannie Mae now owns the property. I signed and notarized the DIL on 11-… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I live in Nevada. I received a notice of default in July 2011
I live in Nevada. I received a notice of default in July 2011 and applied for Nevada mediation between BOA and myself. Also, the BOA loan on my residence was discharged in a 2009 bankruptcy so accordi… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I was denied a modification By my investor (fannie mae) and was given several opti
I was denied a modification By my investor (fannie mae) and was given several options instead of forclosure. I asked for an apeal and resubmited for a modification I was told by Bof A to wait for deed… read more
KimberlyLaw
KimberlyLaw
Principal Attorney
Master's Degree
3,911 satisfied customers
Im living in the condo which itll be foreclosure in anytime
I'm living in the condo which it'll be foreclosure in anytime soon, due to the not making the payment almost 2yrs. because lost of income. However, I do have another condo that all payoff, I'm thinkin… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I need some precise answers for a Deed in Lieu of Foreclosure
I need some precise answers for a Deed in Lieu of Foreclosure (DIL) I am contemplating on an investment property mortgaged by Bank of America (BOA). There are no liens or seconds, title and property i… read more
Ray
Ray
Lawyer
Doctoral Degree
49,638 satisfied customers
We are looking to get out from under our house since our mortgage
We are looking to get out from under our house since our mortgage payment is just over half of our take home pay. We are not late on any payments and have excellent credit. Our home shows like a model… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
6 months out of work (Down sized) applied for modification.
6 months out of work (Down sized) applied for modification. Told by lender easier to modify loan through government, than to refinance loan. national city morgage got bought out by pnc morgage, so had… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,377 satisfied customers
My atty is negotiating with my banks atty regarding an investment
My atty is negotiating with my bank's atty regarding an investment condo I own that is in litigation. The lender's atty said they will entertain either a DIL or short sale but that the DIL carries no … read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
I have a rental property that is in pre foreclosure. I have
I have a rental property that is in pre foreclosure. I have informed the tenants that the home has lost 60% in value and I lose $900.00 a month on the property. I met with them and I tried to have rea… read more
Colin Beach
Colin Beach
Doctoral Degree
29 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