Columbus OH – The Stop Foreclosure Institute
recently received a question from Jon. Here was his question.
"I am behind on my payments and my bank recently started the foreclosure
process. I received something in the mail about a "deed in lieu of
foreclosure." What is that and how does it affect my credit? Jon."
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Here was our answer to Jon's Question. Some people
say it is a great way to avoid foreclosure. Actually, all it does is accelerate
the foreclosure process.
A deed in lieu is not better for your credit than a
foreclosure. I've heard many people say, "A Deed In Lieu is
better for your credit because you avoid foreclosure." It's kind of sad to
hear them say it.
After you sign all the Deed In Lieu paperwork, then your house will still be
sold at a foreclosure auction. Any person can actually bid on the house at the
auction. It will show up on your credit history as a foreclosure.
A Deed In Lieu does not always mean that you will not owe the
lender any more money. A deed in lieu is similar to a no contest
plea. The judge stops analyzing the foreclosure case and simply schedules the
foreclosure auction.
Unless otherwise stipulated, the lender still has all the deficiency and future
collection rights. They may come after you for the loss.
A deed in lieu is not always easy. This is
absolutely not true. The process required a lot of follow up with the lender.
Most lenders require you submit all your financial information.
They want to make sure that you genuinely cannot afford the property. The
process often takes between 20 and 40 hours over the course of several months.
First, you submit your paperwork. Then, you call your lender to make sure they
received your paperwork. Then, you have to wait while they review it.
Then, you have to answer any questions and provide any paperwork they request.
To me this is insane. Why not just live for free until your lender forecloses?
A Deed In Lieu of foreclosure offers almost zero benefit to you.
So why go thru the aggravation? That is why I always recommend a short sale
over a Deed In Lieu. At least you can have a realtor hel you with the process.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale
and never pay the bank another penny. Columbus Loan Modification Help, Columbus
Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus
OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on Columbus Short Sales: How Does A Deed In Lieu Affect My
Credit? is provided as a courtesy to our viewers to help them make informed
decisions.
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