Posted on: 02nd Mar, 2008 05:44 pm
In 2005 I filed for bankruptcy for business reasons. I was underleveraged and had too many rentals. They had to go otherwise my personal finances would have been ruined. Now my wife wants a divorce. We purchased our new house for $165,000 in 2004. It is probably worth $145-150k on the open market and our equity is $147k. After real estate commisions, we are in a hole. Is it worth requesting a DIL? Can I request a DIL with my prior BK?
Hi Chris,
Since the bankruptcy filed is due to some business reasons, therefore you can request for a deed-in-lieu (dil) which involves your home. Considering the equity you have built and its value in the open market, I think it is worth requesting for it. But before that have a straight talk with the lender. Also, if you would like to take a look at some other options which may be suitable and be even better than a dil, then check out 17 ways to protect yourself from foreclosure .
Thanks.
Since the bankruptcy filed is due to some business reasons, therefore you can request for a deed-in-lieu (dil) which involves your home. Considering the equity you have built and its value in the open market, I think it is worth requesting for it. But before that have a straight talk with the lender. Also, if you would like to take a look at some other options which may be suitable and be even better than a dil, then check out 17 ways to protect yourself from foreclosure .
Thanks.
hi chris,
i think short sale is a better option. first you should try to sale your property and payoff your lender. if you cannot be able to do a short sale then you can request your lender for deed in lieu of foreclosure. so inform the lender your situation asap.
feel free to ask if you have any further questions.
best of luck,
larry
i think short sale is a better option. first you should try to sale your property and payoff your lender. if you cannot be able to do a short sale then you can request your lender for deed in lieu of foreclosure. so inform the lender your situation asap.
feel free to ask if you have any further questions.
best of luck,
larry
Ok Chris, so you want to retrieve the real estate commissions through the sale. I understand but if you have filed a BK earlier and then you want to go for dil, you'd be getting a big hit on your credit. And it won't be easy to get home loans in near future because of items like the bk and then a dil on your credit report. So, how much is the commission? you are likely to get a sale price worth the value of the home, just for the commissions I don't think it is a good move to go for dil.