| Author |
Message |
|
|
 ROSIEPOWER319
Joined: 18 Nov 2008
Posts: 1
1.61 Dollars($)
|
|
|
cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
|
Posted: Tue Nov 18, 2008 10:44 am Post subject:
|
 Like 0
 Dislike 0
|
|
Hello RosiePower,
Your lender is not obligated to accept a Deed In Lieu.
There are some particular requirements that must be met before your lender will even entertain the option to accept a Deed in Lieu from you:
• Are you imminently facing foreclosure? Are you at least 31 days delinquent?
• Have you exhausted all means to avoid foreclosure?
• You, the borrower, must voluntarily submit a written offer of the Deed in Lieu and it must specifically state that the offer to enter these negotiations is being made voluntarily. You must list all the conditions for which the DIL will be accepted. Including the agreed upon transfer date of the property. On that date, the property must be vacant and clear of all your personal property.
• Usually the lender requires that you have listed your home with a Realtor for at least 30 days. They need to see that you have attempted to sell the property, but that you have been unable to sell the property. They prefer for there to be no other liens against the property at all.
• The property should still be occupied, unless you provide documentation that can verify your need to vacate the property, i.e. loss of income, increased living expenses.
• The property is not a rental investment, nor used as a rental for more than 12 months.
Keep in mind, that neither you nor the lender is obligated to proceed with the DIL unless a final agreement is reached. The lender is not required to accept the Deed in Lieu.
Obviously you already meet some of these requirements. But it also seems that there may not be enough time left to accomplish the Deed in Lieu, even if the lender would accept, because the scheduled Foreclosure date is now within 2 weeks.
Have you not tried to talk to someone in the Loss Mitigation department of your lender? They have several other options beside Deed in Lieu, that you might qualify for, to stop the foreclosure! Please be in contact with your lender to see if you qualify for other options.
Let us know if you still have questions.
Good Luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
|
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
|
Mortgage Forums 
