Deed in lieu of foreclosure.

Guest 0.10 Dollars($)

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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? Thank you.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Lucille.

Welcome to the forum.

To get another loan after deed in lieu with better rates and terms, it may take 3 to 4 years. The lender can even place lien on your other properties but generally lenders doesn't come after the borrowers if they accept the deed in lieu. So talk with your lender to clear whether he will come after you after he accepts the deed in lieu. BTW it is always helpful if can take help and guidance from an attorney.

Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

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