Is it possible to get another loan after DIL on first loan?

Guest 0.10 Dollars($)

I am working with my lender for a deed in lieu with my home in Illinois which I cannot sell. I have another property in florida, different lender, can they put a lien on my other home or any other of my finances, i.e., 403B, retirement account, etc.? Also, do I need to get a lawyer to process the DIL?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Lucille.

I have answered your question at http://www.mortgagefit.com/foreclosure/dil-lien.html#56198

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

I have had my home for sale for about eighteen months, I work ninety miles one way from home. I have received a promotion but it requires me to live in the same town as where I work. I haven't had any luck with the sale of the home and now I am going to have to pay rent on another home when I move. The cheapest rent is seven hundred fifty a month. There is no way I can pay my mortgage and the rent. Would deed-in-lieu be a good option?

Jessica · Posted: Thu Sep 11, 2008 10:36 am Post subject:

Hi R Smith,

It's great that you received a promotion. Smile

Now, considering the house isn't selling, what you can do is, rent it out for some time till the market gets better and then you can sell it off to a potential buyer.

Alternatively, you can offer a lease to purchase option also. I feel lease to purchase is better than going for a deed in lieu, losing the home and getting your credit tarnished.

Get an idea on how deed in lieu affects credit.

Regards,

Jessica.

Guest 0.10 Dollars($)

I have a beach condo that I now can't afford. My wife just had twins so she is no longer working. The mortgage is for 220,000. The agent said that it would only appraise around 180,000 (if it sold). I am current on the mortgage now but its killing me. This seems like the best option, is that true? Is it possible that the bank would assume the difference?

jerry · Posted: Fri Nov 14, 2008 3:09 am Post subject:

Hi Rodney!

If the lender does a short sale, then he may file a deficiency judgment against you and ask you pay off the deficient amount. If you cannot pay off the deficiency, then the lender may place liens on your other property or can garnish your wages.

If the lender agrees for a deed-in-lieu foreclosure, then he may forgive your deficient amount. I would suggest you to first speak to the lender and check what is he offering to you.

Thanks.

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