Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

Deed in Lieu

Author Message
fraya_petersen1

Guest







Post Posted: Mon Dec 03, 2007 10:43 am    Post subject: Deed in Lieu
Like 0
Dislike 0

Hello,

my name is Fraya Petersen, I did aplied for a DIL back in August, first I tried a Modification of the Loan but was not approved, we went ahead for the deed in lieu, and we have not received an answer from the lender, What should I do????

Thank you in advance for all your help,
Fraya Petersen

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Mon Dec 03, 2007 11:44 am    Post subject:
Like 0
Dislike 0

Hi fraya_petersen,

Welcome to this forum.

I appreciate that you have talked with the lender and checked your options out. I think you can go for Short Sale if there are no options out for you. Short Sale is better than Deed in lieu or foreclosure. Short Sale will drop you credit score only 50 to 80 points and you can be approved for another mortgage soon after the Short Sale.

Thanks,
Larry
Jonny

Guest







Post Posted: Mon Dec 03, 2007 12:30 pm    Post subject:
Like 0
Dislike 0

Hello Fraya,

I agree with Larry that you can opt for Short Sale. It will have less negative effects on your credit report than DIL or foreclosure. So you can consult with your lender and go for short Sale.
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Tue Dec 04, 2007 12:05 am    Post subject:
Like 0
Dislike 0

Hello Fraya,

Do you have a second mortgage on the property? Because most lenders generally don't want to accept a deed in lieu of foreclosure if there's a second mortgage.

Your lender might also suggest you to try for a short sale before signing a deed in lieu. You may list your house with the real estate agents and take their help to sell it.

But in case of a short sale the lender might seek a deficiency judgment which he cannot do if you are doing a deed in lieu.

It will be better if you contact the lender and talk to him about this.
Icon Mini Profile scherzeroni





Joined: 05 Jan 2008

Posts: 51

18.77 Dollars($)
Post Posted: Sat Jan 05, 2008 8:24 pm    Post subject:
Like 0
Dislike 0

Just keep calling and insist that you speak with the person that is responsible in taking care of this for you. You will eventually get through to someone.
_________________
Irene
www.real-mortgage-quotes.com
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.087 seconds.