Posted: Wed Aug 20, 2008 5:35 am Post subject: RE: alternative to dil
Hi jenisa,
Dil or deed-in-lieu is a process in which you transfer your property to the lender thereby giving up your responsiblity of paying down the mortgage. The lender will then sell off the home and try to retrieve the amount he has invested in your home. Know more about deed in lieu .
There are several alternatives to deed in lieu. For instance, if you'd like to keep the properties, you may request the lender for a loan modification. There are other loss mitigation options to help you when you're in mortgage problems. Just check out some of the options and then negotiate with the lender.
Posted: Mon Sep 01, 2008 8:53 pm Post subject: Misinformed
I hate to break the news to you all, but a DIL, SS, or Foreclosure affects your credit score in the exact same way. One is not looked upon more favorably than another. They have the same affect on your credit.
This is indeed news! I mean when i read the posts of experts visiting our forums such as in http://www.mortgagefit.com/deedinlieu/affectcredit.html#39235 , I do find it different. _________________ Procrastination is the enemy of your financial sucess
Wow, Kish....they were able to forgive a difference of $200k. That's great. Im waiting to hear back for my DIL proposal. The difference they would have to eat is about $60k. I pray and hope they accept it. This has been nothing but a monkey on my back.........
There can be a difference between Deed-in-lieu, Short sale & Foreclosure as far as their affect to your credit rating.
If you go through the foreclosure process then you will undoubtedly show 120 days late or higher on your credit once everything is finalized thus seriously affecting your credit score.
BUT
If you go through Deed-in-lieu or Short Sale it is possible to:
If you can get the lender to report it favorably for you - must be in writing to protect yourself before you finalize the Short sale or Deed-in-lieu.
With no late payments showing and it being reported as "paid as agreed and in full" credit remains the same. This is happening more and more as lenders lose an average of $50k additional dollars going through foreclosure and are sometimes willing to do almost anything to avoid it. Don't ask them if they will do it, tell them they will do it or short sale deed-in-lieu will not continue and see if they call your bluff. Worst thing that can happen is they say no. _________________ http://www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney.
Yes, a short sale would be a better way to go. Most banks will do a short sale when a reasonable offer to purchase the home is made. They will not do a short sale if they do not feel the offer is of fair market value such as selling the home at a discount to a relative, etc. If you are just looking to get out from under this home, putting it on the market and the bank accepting a short sale is most likely the best way to go. _________________ Lisa Scherzer
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Posted: Tue Sep 16, 2008 1:50 pm Post subject: Short Sale
Bank is kind of delaying even after submitting the offer. So, I called them last week saying that I cant afford mortgage from this month. Bank is going to let me know the decision tomorrow as the buyer revised his offer to 300 from 325, while i owe 530 on the home.
I am talking to my assigned banker from my lender today and she said that the 1099 issued will be on fair market value - sold value rather than 530 - sold value. Is this true? I dont believe this statement but, I would be more happy if this is the case. I live in CA and counting on Mortgage relief act but, if something doesn't go through well, fair market value - sold value definitely relieves me.
Suggestions?
The 1099 would be on the difference from what the home sold for and what you owed so in this case if they accept the offer of 325K but you owe 530K then you would recieve a 1099 for 205K. Check with an attorney about the 1099 since I am not 100% sure on this. _________________ Lisa Scherzer
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If there is a contract with the buyer then you will have to have a word with the lender, your lawyer and the buyer and the realtor. You can also refer to the following link:
Posted: Fri Oct 10, 2008 9:46 pm Post subject: short sale
i am currently 2 mos. behind my mortgage aug. sept and i did talk to my lender and i paid 1 mos mortgage with late fee at the end of sept. i am due every 1st of the mon. now its oct. and i wont be able to pay for my mortgage again its way too high. they told me i am ok for a loss mitigation but i have to wait for maybe abt 30 days. we would like to relocate eventually so do i need to find a realtor now and start putting our home in the market? pls advise me
sara
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