Deed-in-lieu after CH7 discharge

[imbroke2]

We have a new servicer for our loan and thought they were going to offer some kind of cash-for-keys after the foreclosure. Well, I just received an email looking for income statements. So I emailed the girl back. We spoke last wednesday and she said she was going to send me an email immediately after we spoke(she didn't) and I figured whatever. We surrendered our home in CH 7, which was discharged in February. My husband and I didn't want to do the short sale as there is too much inventory in our area and nothing's selling. We figured the DIL is useless too for us since we already put the house in the chapter 7. I told her we were just going to let it foreclose-more time to stay there and save up to find a place to rent. So what exactly could she be looking for with income statements? I've read a little about the deed-in-lieu, but was wondering if others could give me some insights. Thanks!

[imbroke2]

Anyone have any insight for me? Thanks!

[goingcrzy]

probably they are going to try to offer some type of modification - it's really their last chance to prevent taking the loss.

Plus your state may have some set of rules that states the loan company needs to offer a modification before they can foreclose.

You could probably mention that if the mod was good enough you may want to stay - that will drag out the process and allow you to stay longer. (rent free of course

[justbroke]

Why did you even talk to them and send income statements? There is a new "keys for cash" deal is part of HAMP (HARP). For short sales, they'll give you $1,500+ to walk away. I don't understand the need for income documentation, but each bank has a process. I would probably be thinking the way you are now. Maximize your savings by staying as long as possible.

[imbroke2]

I haven't sent any statements to them; we aren't with a bank; the loan was originally with an investor. Our loan servicer just sold the servicing to Kondour Capital which is an asset management company (according to the girl who I've been in contact with). She just sent me another email which seems to beg that they want us out of our house as it is costly for a foreclosure (according to her email)-boo hoo, like I care that it's costing you money for me to get out of my house.

[Coldplay]

Don't pay them any money. Tell them you are willing to stay in the house and keep up with the maintenance of it. Wait until they evict you after the Foreclosure Sale and then they'll probably offer you Cash For Keys. Best Wishes.

[broken64]

BOA just contacted me also wanted to see if I would be interested in DIL. I played stupid and asked to be mailed info on it. I really am ignorant to all this stuff, trying to read up on everything in between working. I don't understand why I would do this DIL if it is going to shorten my time in the home to save!

[imbroke2]

I haven't sent them anything; the girl told me it's standard procedure for the company to get income statements when they receive a new loan. My husband is dead-set against dealing with the company as he says they are trying to make it good for them. He even stated that she said a foreclosure is expensive for them, which neither of us cares about. We'd both be OK with getting something ($$) from them if we already had a place to rent, but we are still in the process of looking. My realtor told me she'd get us some lawyers names so we could get a consultation with someone especially since I'd like to know what we'd be getting into. I even told my husband we don't have to sign anything-both parties have to agree before this gets done. Once we move, I'd like it over an done with asap. And I'd have a DIL on my credit as opposed to an F, but with a chapter 7 and lots of lates, does it really matter at this point?

[jmanford]

BOA just contacted me also wanted to see if I would be interested in DIL. I played stupid and asked to be mailed info on it. I really am ignorant to all this stuff, trying to read up on everything in between working. I don't understand why I would do this DIL if it is going to shorten my time in the home to save!

What is your situation that they would offer a DIL to you? Is your chapter 7 discharged?

[broken64]

Yes, disharged ch7 and they never sent any information on DIL. They did send me a packet regarding a possible mod, we are not interested walking away. too many foreclosures all around us and I mean all around us, one right to our right and one across the road, another 4 doors down, so we are done.