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prepare2vac8 · Joined: 20 Oct 2009 Posts: 2 1.45 Dollars($)

We are interested in a deed in lieu of foreclosure due to lack of income. Our specific situation is that we actually have equity in the home due to our down payment in 2006 but our loan is VA. We no longer want to fight for the home. Will we be restricted to the DILF due to the VA status? The mortgage company should break even with the 4 expected late payments added to the current balance and any legal fees to transfer the deed. Thank you for taking my question.

prepare2vac8 · Joined: 20 Oct 2009 Posts: 2 1.45 Dollars($)

I'm sorry; I meant will we be restricted from a DILF since our loan is a VA loan? I used the wrong grammar in the previous statements whicn made the post a bit unclear. Thanks again..... Smile

jenkin7 · Posted: Wed Oct 21, 2009 11:08 pm Post subject:

Hi prepare,

A deed in lieu of foreclosure is quite possible on a VA loan. If you are unable to afford the mortgage payments, you can definitely ask your lender to accept a deed in lieu of foreclosure. The lender would generally like to do the deed in lieu as it will save them time and costs of pursuing a judicial foreclosure. You can talk with the loss mitigation department of the bank regarding this. You can also send them a hardship letter stating your lack of income as the main reason behind your decision to do the deed in lieu on your house.

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Is a DILF restricted on a VA loan?