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DIL

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Wild Duck Guest	Posted: Mon Sep 27, 2010 6:43 am    Post subject: DIL Like 0 Dislike 0 Hello, I have a heck of a mess going on in Alaska. I bought a home in 2005 and it was valued at $900K. Based on current market conditions it is probably worth about $550K. The loan amounts was $680K and has grown to about $850K due to the interest expense. When I bought the home it was based on a relationship with a lady (not married) that continued until the last year. She still resides in the home. As I work all over the world and am very rarely there, I have no desire to keep the home, or keep paying the mortgage on the home. My challange is that I am employed with an above average wage and would like to know how this may be viewed iof I try for a DIL. Based on what is presented here I would think I would be liable for the taxes. Your thoughts? Wild Duck _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Mon Sep 27, 2010 6:54 am    Post subject: Like 0 Dislike 0 Hi Wild Duck, Welcome to mortgage fit, First of all to qualify for DIL you need to be delinquent on the payments of your mortgage.As you have stated that you are employed and thus paying mortgage on time so lender may not agree for DIL. Most probably they may offer you refinance on the mortgage.Who owns the house? you or the lady? I mean who is on the deed of the house? If lady's name is on the deed alone there is no point in continuing with paying the mortgage and you may even try for short sale. Further information on DIL can be found on below mentioned link..... http://www.mortgagefit.com/deed-lieu.html Feel free to ask any further query if you have...... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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