Wells Fargo Deed In Lieu

StephZ

LoanSafe Member
Apr 12, 2017
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My husband is military, we came down on orders to move to another state. With the Army downsizing we thought we would have issues selling our home so we have had it on the market for the last 21 months without any offers.

We approached Wells Fargo about the DIL the beginning of March. They called yesterday and spoke to my husband and said that they want us to leave the house by May 13th. He asked if we could stay until June 1st, and they said they would get back to us within 48 hours. They told my husband that we would have to continue paying the mortgage even after we sign the DIL package and turn the keys over. They couldn't give me an estimate to how many months I might be paying this mortgage after I have been kicked out by the bank. Does anyone have any idea how long this could drag on for ?

Extra information: The house is in North Carolina. We purchased for 270K. They had an appraiser come out who appraised it at 272k. We owe 263K. It is a VA loan. They told us last week that the title had come back clean and that they did some assignment of mortgage paperwork with the county. We have no other drama ex. Second mortgage/Heloc/liens. Anyone have a guess how many months I might be stuck paying for a house I signed over to the bank ? Does it even sound right I should have to make mortgage payments if I signed paperwork and turned keys over ? I haven't received the actual offer, I expect it in the mail today or tomorrow.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Hello,

That deal really does not do much for you at all. All it does is make it so you do not have a foreclosure on your credit.

Here is the problem. It is a government loan and these loans are like IRS taxes, they don't go away and they do not offer deals per say. They know your husband is in the military and wants to do the right thing. That is why they didn't say anything. They expect you to pay until it is paid off.

You and your husband will need to decide to just walk away from the debt and deal wit it later or keep paying.