Reverse Mortgage "Deed in Lieu of Foreclosure" question (venting, appraisal). Does anyone have any thoughts or information on whether the Deed in Lieu of Foreclosure is a good or bad process to go through?. How does one make the ‘move’ if one is not actually selling the home on short sale.
Is there a difference in the impact of foreclosure vs. a short sale when you sell your home? Recently, FICO, the company that produces the credit score used by many lenders to evaluate creditworthiness, offered some surprising answers to these questions – and added some new insights as well. Bad news for high scorers
Because the Federal Housing Authority has funds at stake if you default on your mortgage, the organization will help you avoid fha loan foreclosure. This assistance makes the fha foreclosure process much less burdensome on most borrowers. However, if you do eventually default on your FHA loan, the consequences
Typically a short sale is agreed to by a lender as a means of preventing foreclosure. You’re current with your mortgage so I don’t think a lender would be too willing to listen, but it wouldn’t hurt to call them. They can tell you under what specific circumstances they will allow a short sale. You may have to ask for the loss mitigation department.
A foreclosure dramatically affects your credit score. fair isaac, the company that created fico (credit) scores, drops credit scores from 85 points to 160 points after a foreclosure or short sale. The amount of the drop depends on other factors, such as previous credit score.
If you save your lender money by avoiding a foreclosure, you might be eligible for moving assistance. The Home affordable foreclosure alternatives program, for instance, gives borrowers $10,000 in moving money after a short sale or deed in lieu of foreclosure. The program expires at the end of 2016.
After losing almost $12,000, the homeowner is now facing foreclosure. STATE LAWS. Ensure that Homeowners Are Covered Under State Laws targeting foreclosure rescue fraud: Many states have passed new laws to address foreclosure rescue scamming. However, some of these laws defined "homeowners" that the law was designed to protect too narrowly.
We’ve seen the same unsatisfactory, unacceptable result, in state after state after state after state after state, why mess up the whole country with it?” Recently, policy analyst Anthony Randazzo of.