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Old 10-28-2008, 09:03 PM
 
15 posts, read 58,477 times
Reputation: 11

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I have applied for a deed in lieu and have been told that my application is in the hands of the underwriter ate this time. What exactly is the underwriter going to do. Basically my monthly income is equal if not less then my expenses. I am definitely struggling financially but am current on my payments while these negoitations are going on. I am moving home in December to help my mom with my grandfather and father who both just had major surgeries. My grandfather is still in the hospital and isnt doing well. I will never be able to afford the mortgage on this place and rent up north. Will the underwriter look strictly at my finances or will they take my family medical siutaion inot consideration. I will also be getting a new job and am not sure if my salary will be the same. Any and all advice that may help show the underwriter how badly i need this to be accepted is much appreciated. If a deed in lieu is not accepted do the underwriters help you find a solution or do they close the case?
Thanks, MB
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Old 10-28-2008, 09:11 PM
 
Location: MID ATLANTIC
8,206 posts, read 20,316,560 times
Reputation: 9467
To the best of my knowledge, most of us are in new loan originations. Your loan is with loss mitigation, something we are not really exposed to and it would be unfair for us to guess at what the criteria could be.

Keep your eyes open for someone that says they work in loan modifications, and even then, those folks are trying to keep their home.

If I could help, I would, but I have to plead no knowledge.
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Old 10-29-2008, 04:54 PM
 
Location: New York
2,251 posts, read 4,528,649 times
Reputation: 1611
Matty

An Underwriter is a person that reviews, creates loan conditions and approves new loans and refinances. It sounds like you are working with the loss mitigation department at your lender.

A deed in lieu of foreclosure, is you are giving up your home. basically leaving the keys to your home and walking away.

It sounds like you are trying to work out a loan modification with your lender? I'm confused by your description above - why are you discussing income, if your are giving up your home?

What paperwork did you send them, what are you hoping to acheive?

If you are looking to leave your home and move up north to take care of your parents and grandfather. You should write a "letter of intent" and send registered mail, so you have proof of their receipt.

If you are looking to save your home, PM me.

..
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Old 10-29-2008, 09:41 PM
 
15 posts, read 58,477 times
Reputation: 11
when i approached the lender about my situation they told me to list it for sale as a short sale. I did that and then since all the medical stuff started to happen with my family i realized i needed to move sooner then later. Since there was no offers on the condo if over 6 months we lowered it and still no offers. The Lender then sent me an application packet for a deed in lieu which they needed bank statements, tax forms, hardship letter, and all the other things needed to complete the packet. The person negotiating for me did fax the packet and also sent it certified mail. The Lender currently has the whole packet along with BPO and we were just informed it is in the hands of the underwriter on 10/22 and will take about 2 weeks for review and approval. Ultimately I need to get rid of this condo because i cant afford to pay for 1 down here and then rent up north. I know it will affect my credit but i can repair that and my family needs my help. thans for your reply
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Old 10-30-2008, 12:26 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,134,835 times
Reputation: 456
The underwriter will review the documentation provided to determine if you meet their eligibility critiera for a short sale. They are probably more concerned with the BPO than what you've provided for yourself, but will review everything in detail. I, too, haven't had a lot of experience with the foreclosure/loss mitigation side of things but if they said 2 weeks then I'd give them a full 2 weeks. If they don't approve the deed in lieu of foreclosure then you'd have to see about just walking away from it and what potential damage that could do (could a judgment be placed against your credit?).
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Old 10-30-2008, 05:22 PM
 
15 posts, read 58,477 times
Reputation: 11
i know that FL is a judgement deficiency state so ultimatly a judgement could be rendered against me if I just walked away. I am praying hard that the lender will want to work with me to resolve this problem.
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Old 10-30-2008, 07:34 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,134,835 times
Reputation: 456
I'll keep my fingers crossed for you.
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