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cheermom
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 Posted: Sat Sep 06, 2008 10:07 pm Post subject: DIL or foreclosure? |
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We have been in our home for just over 2 years and unfortunately bought at the end of the high market time. We had to have a 2nd since we didn't have much for a down. We owe more than the house is currently worth and cannot sell it, the payment is higher than we can afford (we were told we could refinance after 2 years) and our lender refuses to work with us to get the payment manageable. We do not qualify for refinancing because of what we owe and the market dropping significantly and our credit is being severely damaged due to falling a month behind on the payments. We were going to walk away and let them foreclose because it is literally the difference between feeding our children or paying the mortgage, but my mom told me about a deed in lieu today so I am trying to find out if this is even an option for us? We live in Oregon.
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 helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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| Posted: Mon Sep 08, 2008 1:06 am Post subject: eligibility criteria for deed in lieu |
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Welcome cheermom.
Your mom's correct in saying that deed in lieu could be an option for you. But there are certain eligibility requirements for it. And such things do vary from one lender to another. Check out the eligibility criteria for deed in lieu .
Thanks. |
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mike
Joined: 19 Sep 2008
Posts: 13
7.87 Dollars($)
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| Posted: Fri Sep 19, 2008 6:23 pm Post subject: Mortgage 30/45 days past due-3rd party representation needed |
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| You are obiviously in the position where the lender will not cooperate this because. Once your loan is 30 to 45 days behind you will need 3rd party representation to negotiate with the lender. |
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