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In my situation my husband lives in another house 200 miles away and is not able to help me pay any of the debt for the home even though he is on the mortgage and note. Is it true you need to be a couple payments short on the mortgage before you can request a DIL? Can the lender go after the other house even though I am not on the title? I was told that I would have to file bankruptcy & do a foreclosure to wipe out the debt, even though I don't have much credit card debt on my own.

Caron · Posted: Mon Jan 12, 2009 4:45 am Post subject:

Hi guest,

It's true that you need to be behind on the loan for 2-3 payments before you request for a deed in lieu. The lender will not go after any other house owned by your husband because in case of deed in lieu, the lender doesn't demand any deficiency payment. (if the sale proceeds are short of the loan balance).

A bankruptcy or foreclosure doesn't simply wipe out debt. In bankruptcy chapter 7, one may have to sell off his assets in order to pay off the debt and the house may be included in it. Whereas in foreclosure, the lender sells off the property in order to retrieve whatever he has invested.

Good luck

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