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 juanitaisbell
Joined: 07 Oct 2009
Posts: 1
1.30 Dollars($)
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 Posted: Wed Oct 07, 2009 10:23 am Post subject: timeframe for deed in lieu of foreclosure |
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| In North Carolina, if you are considering "deed in lieu of foreclosure", do you notify lender or your intentions, or ask them if they will accept this solution? When would you start this process? The seller has listed her property with an agent and it is being advertised as a "short sale". |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Wed Oct 07, 2009 10:44 am Post subject: |
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You should immediately contact your lender on urgent basis, as the advertisement is saying as short sell, and if you were not able to the difference between what you owe and what the property is worth then it will turn out be foreclosure.
So before tat it is advisable that you should contact your lender and ask his for DIL option..........
keep in touch....
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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| Posted: Fri Oct 09, 2009 4:09 am Post subject: |
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To juanita,
There's no such timeframe for the deed in lieu process. It actually depends on your lender how much time they will take to approve the borrower's request for deed in lieu and start the entire process. Usually people go for deed in lieu in order to avoid foreclosure, when the house could not be short sold in the market. |
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