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 thebenderclan
Joined: 02 Oct 2008
Posts: 2
1.46 Dollars($)
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 Posted: Thu Oct 02, 2008 7:27 am Post subject: deed in lieu vs. short sale |
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Thank you -
I live in FL. I must stop all payments due to medical plus loss of income.
Does a short sale protect you from forclosure - if you stop paying your montlhy mortgage?
Does the option of a short sale apply to vacant land?
What is the short sale credit benefit vs DIL in this scenerio.
I have communicated my hardship to the Bank -- What would you do? |
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elnoralittle
Community Experts
Joined: 01 Oct 2008
Posts: 257
Location: Maryland
20.24 Dollars($)
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| Posted: Thu Oct 02, 2008 8:24 am Post subject: |
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Unfortunatley a shortsale does not stop the bank from seizing the property. A short sale is worked out between you and the bank to sell the property for less than is owed. Some shortsales cover what is owed, some a little less, but the point of the short sale is to recoup the loan and unload the property as quickly as possible. But there are stipulations to the short sale and you should be aware of them immediately.
The following comes from wikipedia and is pretty explainatory: ( I hope it helps answer your questions.
[System detected duplicate content, converted into image. Thanks]
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Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7447
Location: bloomfield, ct
70.06 Dollars($)
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| Posted: Thu Oct 02, 2008 8:57 am Post subject: |
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based on what i just read, it makes me feel a little bit better about wikipedia's ability to have valid content.
thanks for sharing, elnora.
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George M. Akerley
Loan Consultant
860-221-5044 |
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thebenderclan
Joined: 02 Oct 2008
Posts: 2
1.46 Dollars($)
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| Posted: Thu Oct 02, 2008 10:34 am Post subject: |
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| Thank you for your fast response ! Have a Great Day! |
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