Posted on: 10th Nov, 2007 11:04 am
Lending co. has been deciding on my request for a DIL but the Sherrifs sale is the 15th.
No.
The sheriffs sale is the date the property goes for auction. If no one bids higher than your lenders amount, they will get a sheriffs deed to the property. It sounds like they don't need a DIL, they have already spent the money to foreclose and waited the legally required time frame- the 2 biggest reasons they would consider a DIL. I wouldn't expect them to do anything other than sheriffs sales, but could be wrong.
The sheriffs sale is the date the property goes for auction. If no one bids higher than your lenders amount, they will get a sheriffs deed to the property. It sounds like they don't need a DIL, they have already spent the money to foreclose and waited the legally required time frame- the 2 biggest reasons they would consider a DIL. I wouldn't expect them to do anything other than sheriffs sales, but could be wrong.
I agree with you James. There's no doubt that it's not possible because sheriff's sale itself will allow the lender to sell the property and get bck the amount that he can offered as loan. So, how can the deed in lieu occur after that. After the sheriff's sale, the house does not belong to the borrower any more, so it's not possible for him to hand over the ownership rights to the lender through deed in lieu.
Thanks
Thanks
Hello Renecooper,
If the property is going for a sheriff sale then you don't require a deed in lieu anymore. It is already getting sold and the property no more belongs to you.
If the property is going for a sheriff sale then you don't require a deed in lieu anymore. It is already getting sold and the property no more belongs to you.