Posted on: 03rd Dec, 2007 09:43 am
Hello,
my name is Fraya Petersen, I did aplied for a DIL back in August, first I tried a Modification of the Loan but was not approved, we went ahead for the deed in lieu, and we have not received an answer from the lender, What should I do????
Thank you in advance for all your help,
Fraya Petersen
my name is Fraya Petersen, I did aplied for a DIL back in August, first I tried a Modification of the Loan but was not approved, we went ahead for the deed in lieu, and we have not received an answer from the lender, What should I do????
Thank you in advance for all your help,
Fraya Petersen
Hi fraya_petersen,
Welcome to this forum.
I appreciate that you have talked with the lender and checked your options out. I think you can go for Short Sale if there are no options out for you. Short Sale is better than Deed in lieu or foreclosure. Short Sale will drop you credit score only 50 to 80 points and you can be approved for another mortgage soon after the Short Sale.
Thanks,
Larry
Welcome to this forum.
I appreciate that you have talked with the lender and checked your options out. I think you can go for Short Sale if there are no options out for you. Short Sale is better than Deed in lieu or foreclosure. Short Sale will drop you credit score only 50 to 80 points and you can be approved for another mortgage soon after the Short Sale.
Thanks,
Larry
Hello Fraya,
I agree with Larry that you can opt for Short Sale. It will have less negative effects on your credit report than DIL or foreclosure. So you can consult with your lender and go for short Sale.
I agree with Larry that you can opt for Short Sale. It will have less negative effects on your credit report than DIL or foreclosure. So you can consult with your lender and go for short Sale.
hello fraya,
do you have a second mortgage on the property? because most lenders generally don't want to accept a deed in lieu of foreclosure if there's a second mortgage.
your lender might also suggest you to try for a short sale before signing a deed in lieu. you may list your house with the real estate agents and take their help to sell it.
but in case of a short sale the lender might seek a deficiency judgment which he cannot do if you are doing a deed in lieu.
it will be better if you contact the lender and talk to him about this.
do you have a second mortgage on the property? because most lenders generally don't want to accept a deed in lieu of foreclosure if there's a second mortgage.
your lender might also suggest you to try for a short sale before signing a deed in lieu. you may list your house with the real estate agents and take their help to sell it.
but in case of a short sale the lender might seek a deficiency judgment which he cannot do if you are doing a deed in lieu.
it will be better if you contact the lender and talk to him about this.
Just keep calling and insist that you speak with the person that is responsible in taking care of this for you. You will eventually get through to someone.