Posted on: 05th Dec, 2008 04:01 pm
i just lost my job and i dont have the money to make this month payment somebody told me that i should start a DIL before the bank stars the process of foreclosure..this is 2 or 3 months after my first late payment? my house is in florida..hope u help me
Hi Guest!
Welcome to forums!
If you are current on your payments, then the lender will not accept the deed in lieu. As far as I know, lenders accept a deed in lieu if you are 1-2 months late on payments. However, you can speak to your lender and check if he can offer you any other option. You can speak to the lender about the process of forbearance. In this process, the lender will either reduce or suspend your payments for few months and also give a repayment plan which will help you in paying the debts.
Check out the following link to know more about avoiding foreclosure:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you are current on your payments, then the lender will not accept the deed in lieu. As far as I know, lenders accept a deed in lieu if you are 1-2 months late on payments. However, you can speak to your lender and check if he can offer you any other option. You can speak to the lender about the process of forbearance. In this process, the lender will either reduce or suspend your payments for few months and also give a repayment plan which will help you in paying the debts.
Check out the following link to know more about avoiding foreclosure:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Feel free to ask if you have further queries.
Sussane