Here is my situation. I live in CA. I own two homes one in Houston Texas, one in AZ. Both were both 4 months ago. I bought them but I cannot afford them no more. I currently have $30K in my bank accounts including savings.
I have 100% loan on my Texas home (i own about 249K, it was appraised for 250K when i bought it 4 months ago) and I have 80/20 loan on my AZ house.
I want to leave my savings alone, I want to keep my AZ home but get rid of my Texas home.
I wasn’t able to find buyers for my texas home so I have no option but to let it go. ( i
to the point: i want to foreclose on my Texas home and i do not want them to come after me.
MY QUESTIONS:
WHERE CAN I find someone who can talk to the bank make sure they dont file deficiency judgment and convince bank to take back the home.
HOW can i deed the property back to the lender ??
“a deficiency judgment may be avoided by deeding the property back to the lender prior to foreclosure” IS THIS TRUE IN TEXAS?
thanks
Try sending a letter to offering a Deed In Lieu of foreclosure for the house in Houston, TX.
As a loss mitigator myself, from experience I can tell you that you will have a very hard time getting the bank to deed in lieu the property back to the bank. We hate doing them, they are so time consuming and don’t even get approved half the time. In the last six years I have only done two.
This is off the subject but, while we’re talking about Deed in lieus, here’s a strategy for getting your shortsales approved a little easier. If your goal is a shortsale, in your initial conversation with a loss mitigator tell them the homeowner can’t afford the property anymore, and would like to be considered for a deed in lieu. This technique will put the resistance down, and you’ll find that the loss mitigator will even suggest a short sale to you.
To get back on the subject, MrJersey, you should have no problem finding an investor that could help you with that shortsale. Sounds like this is going to be your best option.
Good luck,
http://faircashoffers.com