Can someone explain deed in lieu of foreclosure to me. Can I still get a judgement against them with this?
Question:
Answer:
You need to speak with a legal professional.
There are many articles on the subject on the internet that might apply as to an explanation. Without knowing the state however it's pretty hard to give you the information and besides even if I wanted to help you and give you the information answersroom.com doesn't want me to
I would give you the not for profit organization links from our research files that the government has provided to the public answering your question but answersroom.com says that providing links with the proper answers to questions is spamming and using the source of where those links come from is advertising and they rather just have written answers from sources that are not qualified to provide such answers. Here is their letter to me:
You have posted content to answersroom.coms in violation of our Community Guidelines. As a result, your content has been deleted.
Question: Where can I find buidling codes for Los Angeles rental units? Can I get sued for no heating? Please Help.?
Details of Violation: All real estate laws explained: http://www.dre.cahwnet.gov/reftoc.htm... STATE’S WEB SITE: http://www.dca.ca.gov/ STATE’SLANDLORD TENANT ACT: http://www.leginfo.ca.gov/cgi-bin/waisga... HUD – Tenant rights in California: http://www.hud.gov/local/ca/renting/tena... Pamphlet from the State of California on Landlords and Tenants: http://www.dca.ca.gov/legal/landlordbook... Cities Web sites: http://www.labormarketinfo.edd.ca.gov/cg... Home owner and renter assistance programs: http://www.ftb.ca.gov/individuals/hra/in... Private Attorney’s Website on Tenant/Landlord issues: http://www.caltenantlaw.com/ State bar Association: http://www.calbar.ca.gov/state/calbar/ca...
Source(s):
http://www.realestateformnm.co...
Reason of Violation:Spam & Advertisement :
I think our resident expert "newmexico..." has it covered for you. Good Luck!
Deed in lieu of foreclosure and a short sale are two differentthings. Deed in lieu of foreclosure is where the owner relinquishes his rights and ownership to the property. The property then belongs to the lender. If the lender accepts this, the owner now doesn't have a foreclosure on his records and the lender doesn't have to go through a lengthy and costly foreclosure process to get ownership of the property.
To answer your question, yes you can get a judgement against them if:
1. you didn't sign anything that states that you will waive your right to do so.
2. if you can show that you suffered financial loss in your efforts to sell the place. For example, they owed you 100k and the market value of the property was 70k, so you lost 30k when you sold the place.
Short sale is where the lender agrees to accept less than what's owed in order for the owner to sell the place. The owner retains ownership of the property during a short sale.
In both situations, you can go after them if the above stated two conditions are met.
Regards
More Related Questions & Answers...