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LShoaf

Joined: 27 Jul 2008
Posts: 1
1.42 Dollars($)
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shane


Joined: 03 Dec 2007
Posts: 240 Location: Orange County, CA
51.84 Dollars($)
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cliff3
 Community Expert

Joined: 05 May 2008
Posts: 328 Location: Houston
75.44 Dollars($)
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Posted: Mon Jul 28, 2008 4:22 am Post subject:
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Hello LShoaf,
Convincing your lender to accept a Deed in Lieu (DIL) of foreclosure, should only be used as your very last, extreme resort to avoid a foreclosure. Even though a Deed in Lieu (DIL) is less time consuming, and less expensive than a foreclosure for the lender, as well as for you, most lenders will still prefer to negotiate a workout plan, or accept a short sale.
Have you contacted your lender yet to see what workout plan you may qualify for to you to keep your home? Please do this right away!!
There are certain eligibility requirements that you must meet, 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.
And keep in mind that the lender is not required to accept the Deed in Lieu.
Good luck. _________________ Cliff Pape
Market Analyst
www.home-buddies.com |
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benny26
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smithsussane

Joined: 18 Sep 2008
Posts: 10030 Location: Alaska
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dog lover
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sara
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Joined: 05 Jul 2006
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sherrie
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jenkin7

Joined: 04 Jun 2007
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