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gqunicy · Joined: 12 Nov 2009 Posts: 2 1.26 Dollars($)

I've had my home on the market for a year with a realtor and after been laid off and now with a partime job I can not pay for the home.What is the steps by step process to a deed in lieu vs short sale

savior70 · Posted: Mon Nov 16, 2009 3:40 am Post subject:

Hi,

You've had listed the home on the market for a year with no offers. It seems it'll not be easy to short sell the property in this market. I think a deed in lieu (DIL) will be a good option in this situation. You can write a hardship letter to your lender stating you've not been able to sell the house in the market and request him to accept a DIL of foreclosure. Once they accept the DIL, all you need to do is sign over the property to the lender, who will then auction the home to collect the loan balance.

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