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jchicklinski · Joined: 22 Jun 2008 Posts: 1 1.35 Dollars($)

Hello, At the end of this week I have my first court date on my property in Florida. I lost my job and fell way behind on my payments. Is it too late to request a DIL? ( Deustche Bank) If I can't do a DIL what is the best way to go? I have a place to live if I have to go. Is it normal practice these days for a lender in Florida to come after the deficiency? I know that they can here in Florida. Any information is greatly appreciated.
Thank You.

brian1 · Posted: Sun Jun 22, 2008 7:24 pm Post subject:

You can always ask however once the process has started the bank has comitted funds to the foreclosure process they may be less willing. I would still try. The worst that can happen is they say no. You wont be able to find out until you ask.
Brian

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jchicklinski.

Welcome to the forum.

Have you contacted with the lender? You should at least contact with the lender and request him for the deed in lieu. Now, it depends upon the lender whether he will approve it or not. But you should at least request the lender for it as Brain has also mentioned it.

Now if the lender approves the deed in lieu then he will not come after you for the deficiency judgment. But in case of foreclosure you will have to pay the deficiency judgment.

Feel free to ask if you have any further questions.

Best of luck,
Larry

cliff3 · Posted: Mon Jun 23, 2008 9:51 am Post subject:

Hello jchicklinski,

A Deed in Lieu is always the last resort. You do have a few other options available, depending on your current financial situation. You did not mention if you are now employed and able to afford to keep your home. If you are now employed, or see that you will be employed in the near future, you may still request a workout plan with your lender to get you back on track with your mortgage. Or you may choose to sell your home(even if it is a short sale).

A Deed in Lieu will usually not be considered unless you have the home listed for at least 30 days, that you are unable to sell your home, your foreclosure is eminent, and that you did not qualify for any workout plan with the lender. Also, a deed in lieu has a worst effect upon your credit than other options.

Regardless of which option you choose, you still need to be communicating with your lender.

Good luck.

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