FHA Guidelines

wells fargo deed in lieu of foreclosure

Wells Fargo states that a short sale scenario is no longer an option and MY CLIENT’S only option is Deed in Lieu.   Their reason:  the PMI company cannot agree with Wells Fargo investor.  End of story.  File is closed on Equator system. The Wells Fargo negotiator tells me that he is not allowed to talk to my client.  He (seller) must speak ONLY to point of contact immediately, and he provided name and phone number.

In this transaction, a homeowner simply relinquishes the property, turning over the deed to the bank, in exchange for the lender’s promise not to foreclose. In a straight foreclosure, a lender takes legal control of the property and evicts the occupants; in deeds-in-lieu transactions, the homeowner is typically allowed to remain in the home for a short period of time after the agreement.

Unfortunately, there’s no way to do a deed in lieu of foreclosure without hurting your credit unless you can get the lender to report your mortgage paid in full. Talk to your financial institution and see whether you’re a candidate for a deed in lieu of foreclosure. You might not be if you’re current on your mortgage payments. You might want to consult a real-estate lawyer. My tentant is now in danger of being kicked out. This is the thanks I get for not walking away and trying to cover the mortgage. I’d like to do a deed in lieu of foreclosure but I can’t with the tenant there and he’s not interested in buying on a short sale.

With a deed in lieu of foreclosure, you have the option to voluntarily transfer ownership of your home to your mortgage servicer, Wells Fargo Home Mortgage, if you cannot sell your home at fair market value or prefer to have your servicer sell your home.A deed in lieu of foreclosure may release you from the obligation to repay your primary mortgage and may help you avoid a foreclosure sale, even if the foreclosure process has already started.

Among the other major lenders, there is no formalized program for deeds-in-lieu. Bank of America, JPMorgan Chase and Wells Fargo, for instance, generally require borrowers to try a short sale before considering a deed-in- lieu transaction. A deed-in-lieu is better for banks than a foreclosure because it reduces the company’s legal costs, and it is better for the homeowners because it is less damaging to their credit score. banks can legally retain the right to pursue borrowers for the balance of the loan after a foreclosure, a short sale or a deed-in-lieu of foreclosure. That is one reason why housing advocates say borrowers should carefully weigh these transactions with the help of a lawyer or nonprofit housing counselor before proceeding.

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