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Short-Sale, Deed in Lieu time lines

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Guest	Posted: Tue Feb 01, 2011 10:07 pm    Post subject: Short-Sale, Deed in Lieu time lines Like 0 Dislike 0 Hello I bought my house back in 2006, for around 340k and refinanced once only, total debt of loan 405k (one loan) I have fallen behind, I tried several times for a loan mod for the past 24 months. Now I am working with an attorney he tells me that I was denied. The lender does not want to approve me since I am too far behind and not enough income. I'm already in foreclosure, he suggested to do a short sale or a deed in lieu. This has been really stressful and painful, now I am trying to find out what is the best option to go with and be the least affected. 1. In my situation what is the time line to do a short sale or a deed in lieu? 2. Do I need to ask the bank's permission to put the property in a short sale since I am in foreclose? 3. Can I try a short sale first if it doesn’t sale can I still do a deed in lieu? 4. At what point can I do (or still do) a deed in lieu? 5. During the time of a short sale what happens to the foreclosure? 6. Would the lender still come after me if there is a deficiency if I do a short sale or a deed in lieu? In IL, do I qualify for the mortgage debt relief / debt forgiveness tax relief. If there's a deficiency in the event of a short sale or deed in lieu. Thank you.
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Wed Feb 02, 2011 3:18 am    Post subject: Like 0 Dislike 0 Hi Guest, Normally a short sale or a deed in lieu of foreclosure will take around 90 days to complete. You should negotiate with the lender so that he agrees to short sale your property. You can first try for a short sale and then apply for a deed in lieu of foreclosure. You may apply for a deed in lieu of foreclosure once you're delinquent on your mortgage payments. If the lender agrees to short sale, then he will withdraw the foreclosure notice. In case of a short sale, the lender will come after you in order to recover the deficient balance. In case of a deed in lieu of foreclosure, the lender will forgive the deficient balance. Take care.

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