{"id":899,"date":"2020-06-19T06:02:02","date_gmt":"2020-06-19T10:02:02","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=899"},"modified":"2024-04-25T23:20:31","modified_gmt":"2024-04-26T03:20:31","slug":"i-cant-pay-my-mortgage-any-more-whats-next","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/i-cant-pay-my-mortgage-any-more-whats-next\/","title":{"rendered":"I Can\u2019t Pay My Mortgage Any More. What\u2019s Next?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>\u201dIn these uncertain times\u2026\u201d<\/em> <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/06\/can-not-pay-the-mortgage-1024x663.jpg\" alt=\"Person standing, looking out a window contemplating how they are unable to pay their mortgage.\" class=\"wp-image-900\" width=\"512\" height=\"332\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/06\/can-not-pay-the-mortgage-1024x663.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/06\/can-not-pay-the-mortgage-300x194.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2020\/06\/can-not-pay-the-mortgage-768x498.jpg 768w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Difficulties arise in life, sometimes out of the blue.\nMortgage obligations that suited us just fine at first can become unmanageable when\ncircumstances swerve out of control. At that point, a homeowner might approach\nthe mortgage lender and ask for a few months of forbearance. Or perhaps it\u2019s\npossible to work out a repayment plan, or get a loan modification. Sometimes,\nthe homeowner\u2019s financial stress is too serious for any of those options to\napply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consider that the homeowner must resolve two obligations on\nthe mortgage loan: the lien, and the promissory note, which is the promise of\nrepayment. If an owner cannot keep that promise, the lender is allowed to recover\nand sell the house. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">How Can I Keep My House? What Are My Options?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Filing for <a href=\"https:\/\/www.uscourts.gov\/services-forms\/bankruptcy\/bankruptcy-basics\/chapter-13-bankruptcy-basics\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Chapter 13 bankruptcy<\/a> with a plan to sell the home is one way around foreclosure \u2014 although it\u2019s hard on a credit report. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The homeowner should also consider whether the house can be profitably\nrented out. Yes, this income will be taxed. And being a landlord comes with its\nown set of challenges, although there are professional managers who can take on\nthe role. And your management and repair expenses as a landlord will be\ndeductible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But using a house for income is not ideal for everyone. There\nare several other ways to work with the property when a loan gets overwhelming.\nHere, we explore several common options. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Will the Bank Take the House Off My Hands? The Deed in Lieu of Foreclosure<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One option is the deed in lieu of foreclosure. This is a\nvoluntary, binding transfer of title from the homeowner to the mortgage lender\nin exchange for an immediate release from the mortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The lender, if it accepts the deed in lieu, winds up with\nthe task of selling the home. So, as a general rule, lenders do not want deeds\nin lieu. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it\u2019s allowed, a deed in lieu lets the lender and the\ndebtor avoid the very costly and time-consuming procedure of foreclosure. While\nsome homeowners in the pre-foreclosure stage might prefer to stay in the foreclosure\nfight in order to buy time to gather funds to keep their homes, others have\nlimited financial options and need to get on with their lives. If an owner has\njust the one mortgage to deal with and relatively little equity built up in the\nhouse, the deed in lieu might be a sound option. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How is a deed in lieu started? The homeowner calls the\nmortgage company to ask for a loss mitigation application. The next step is to submit\nthe application, including a statement on the hardship and detailed information\non income and expenses.&nbsp;The lender will either force the owner to list and\nattempt to sell the home first, or green-light a deed in lieu to avoid\nforeclosing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An owner who gets the go-ahead for a deed in lieu will sign\nover a deed, transferring ownership of the property to the lending institution.\nThe owner must give both the deed&nbsp;and keys to the lender. More details\nappear <a href=\"https:\/\/www.deeds.com\/articles\/understanding-the-deed-in-lieu-of-foreclosure-process\/\">here<\/a>.\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A deed in lieu (as opposed to full foreclosure) can shorten\nthe waiting period imposed on the homeowner before any future mortgage approvals\nwill be allowed. And in most cases, the lender releases the borrower completely.\nYet some lenders will send the credit bureaus a report of deficiency \u2014 value\nthey couldn\u2019t recover when they finally sold the house \u2014 as well as reporting the\ndeed in lieu. For their own protection, we recommend that homeowners have an\nin-depth discussion with the lender, and with a tax adviser or attorney, before\ntransferring a deed in lieu. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>IMPORTANT:<\/em><\/strong>&nbsp;To avoid a lawsuit \u2014 yes, the\nlender can sue \u2014 for a deficiency judgment, a deed in lieu agreement must <em>expressly\nstate<\/em> that the transaction is in full satisfaction of the debt. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A&nbsp;Short Sale \u2014 and a Catch-22 <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">What about a short sale? First, a lender must agree to one. This\nwill only happen if the owner faces a level of financial distress that rules\nout paying the mortgage. And note that for a property with multiple mortgages,\nall lien holders have to&nbsp;agree to the sale. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a short sale, the lender:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Accepts a borrower\u2019s loss mitigation application\nand proof of financial distress.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Lets the borrower sell the house for less than\nthe total debt remaining on the mortgage.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Accepts the proceeds, releases the lien, and halts\nthe foreclosure. <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Like a regular real estate deal, a short sale is handled by\nan agent. But a short sale is a prolonged, costly process. While the seller waits\nfor the bank to approve an offer, the bank might press the buyer for a higher\nbid. Don\u2019t be surprised if the sale takes up to a year to get to closing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The short sale comes with additional built-in challenges for\na homeowner in financial distress, too. While it removes the mortgage lien, it\ndoesn\u2019t nullify the promissory note the buyer signed. So, some lenders expect\nto collect more money after closing. This is not the case everywhere; though.\nFor instance, California law bars a deficiency judgment following a short sale.\nAnd no deficiency is counted against the homeowner if the bank&nbsp;waives its option\nto reimbursement for the shortfall. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now here\u2019s the\nCatch-22. If the lender forgives a deficiency and issues a 1099-C for\ncancellation of debt, the debt forgiveness may need to be declared as income. Tax\nrules change often; talk with a tax specialist about the consequences of\napplying for foreclosure alternatives. A short sale attorney can help the\nseller throughout the process. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When the Deed Meets Foreclosure <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When the real estate market goes down, a home can turn into\na burden. Some mortgage holders decide that they simply cannot pay. What are\nthe consequences? A significant FICO score drop, and a waiting period before\ngetting another mortgage. What happens next? A collections process, after three\nmonths. In about a year and a half, the lender will foreclose. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A search for \u201cnon-recourse states\u201d will tell you if your\nstate bars deficiency judgments after foreclosure. Where such judgments are\nbarred, some homeowners opt, for that very reason, to let the home go into foreclosure,\nknowing they\u2019ll have protection from these judgments. In states that can\nrecover deficiencies, a lawyer can help negotiate the payment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once foreclosure starts, what happens to the deed? Depending\non your state, the title must be transferred through a trustee\u2019s sale or a county\nsheriff&#8217;s sale, through which the bank tries to recover at least some of the outstanding\nmortgage debt. <a href=\"https:\/\/www.deeds.com\/articles\/what-is-a-special-warranty-deed\/\">Special\nwarranty deeds<\/a> are common in forced home sales. A lender selling a\nproperty will not wish to guarantee the whole history of the title, preferring\nto leave cleaning up the title to the new owner. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now you might ask: Can I buy my own home at a discounted\nprice, once it is listed for a sheriff\u2019s sale? The answer is yes. If you buy a\nforeclosed house, here\u2019s what you need to know: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It might not be enough to submit the highest\nbid. Loan servicers have some discretion in selecting a bidder who is likely to\ngo through with the purchase by the period of time allowed in the county.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A municipal lien search will show you claims\nthat survive foreclosure \u2014 including, upon request, any unrecorded liens.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Abandoned or expired mechanics\u2019 deeds need to be\ncancelled by the parties that filed them to clear title.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The buyer must resolve outstanding utility\nbills, code violations, and open permits. An attorney can help a buyer\nnegotiate the costs.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">After foreclosure, how long is the waiting period to qualify\nfor a new mortgage loan? Seven years for a conventional loan, but it can be as\nlittle as three to four years if there are extenuating circumstances \u2014 which is\ncomparable to the waiting period after a deed in lieu or short sale. FHA\nmortgage insurance becomes available in just three years after foreclosures,\ndeeds in lieu, or short sales.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What About Tax Deed Sales?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When real estate taxes go unpaid, the homeowner receives a\ntax lien certificate. State law controls the payoff timeline, and an owner may\nbe able to get on a payment plan. After the payoff, a release must be recorded\nin the county. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ignore the certificate, and ultimately the home could wind\nup at a public auction. Assuming the taxes aren\u2019t paid off at the last minute,\nan investor can bid for the tax deed. Tax deeds come with clouded titles. To\nclear title, a buyer can undertake a&nbsp;title certification, in which a\ncurative consultant works with a title insurer to clear the title.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What about federal liens? A federal tax lien is not a levy, and doesn\u2019t lead to an immediate seizure of property. But it must be resolved, or it ties up the title. What should the buyer do? Call the IRS, which offers <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/understanding-a-federal-tax-lien\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">payment plans and withdrawal options<\/a> for federal tax liens. These liens are credit history blemishes for seven years, unless a one-time resolution through the IRS Fresh Start Program applies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the property winds up in a tax lien sale, liens that\naren\u2019t satisfied through the sale proceeds might be able to be released or\nsubordinated, with a tax lawyer\u2019s help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s no time like the present to make sure your federal,\nstate and local taxes are all up to date. As the saying goes, the only thing\nworse than paying taxes is not paying taxes!<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credit: Ethan Sykes, via <a href=\"https:\/\/unsplash.com\/photos\/TdM_fhzmWog\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Unsplash<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201dIn these uncertain times\u2026\u201d Difficulties arise in life, sometimes out of the blue. Mortgage obligations that suited us just fine at first can become unmanageable when circumstances swerve out of control. At that point, a homeowner might approach the mortgage lender and ask for a few months of forbearance. Or perhaps it\u2019s possible to work [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[71,57],"tags":[],"class_list":["post-899","post","type-post","status-publish","format-standard","hentry","category-general","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>I Can\u2019t Pay My Mortgage Any More. What\u2019s Next? - Deeds.com<\/title>\n<meta name=\"description\" content=\"At that point, a homeowner might approach the mortgage lender and ask for a few months of forbearance. Or perhaps it\u2019s possible to work out a repayment plan, or get a loan modification. Sometimes, the homeowner\u2019s financial stress is too serious for any of those options to apply.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/i-cant-pay-my-mortgage-any-more-whats-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I Can\u2019t Pay My Mortgage Any More. What\u2019s Next? - Deeds.com\" \/>\n<meta property=\"og:description\" content=\"At that point, a homeowner might approach the mortgage lender and ask for a few months of forbearance. 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