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ect0204 · Joined: 30 Apr 2010 Posts: 2 1.23 Dollars($)

The Deed in Lieu seems to be the better route to take (over a foreclosure).
We were not able to get a re-mod and are now listing the house for a short sale. How much time do we/can we give the short sale before we need to do the Deed in Lieu before the bank issues the foreclosure/sale date? How does the timing work?

jameshogg · Posted: Fri Apr 30, 2010 11:30 pm Post subject:

Hi ect,

As far as I know, you will have to list the property in the market for 90 days and then apply for a deed in lieu with your lender. Depending upon your situation, the lender will let you know whether or not you would be able to get the option.

Thanks

Posted: Sat May 01, 2010 7:04 am Post subject:

Thanks for the info... I didn't know there was a 90 period that the house had to be on the market. I appreciate your response. So, is it correct to assume that the bank will not/can not issue a sale date within this 90 period??

adonis · Posted: Sun May 02, 2010 10:48 pm Post subject:

Hi Guest,

Before listing the property for a short sale, you need to contact your lender inform him about it. If your short sale is accepted, then the lender will not sell off the property within that time period.

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How much time do we/can we give the short sale before we need to do the Deed in Lieu before the bank issues the foreclosure/sale date? How does the timing work?

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