Posted on: 23rd Feb, 2008 03:10 pm
Hello,
Can anyone tell me if a lender can file a deficiency judgement after a DIL was agreed on? Also, does the lender have the required forms to process a DIL or does the borrower have to present this and if so, where do i get this DIL contract/form?
Thanks!
Can anyone tell me if a lender can file a deficiency judgement after a DIL was agreed on? Also, does the lender have the required forms to process a DIL or does the borrower have to present this and if so, where do i get this DIL contract/form?
Thanks!
I dont think they can. I believe that is the main reason to opt for the DIL instead of foreclosure. I would call the lender and check.
If lender accepts DIL then he will not not agree to go for deficiency judgement against the borrower for the balance amount.
DIL is just like a settlement the lender takes the house back and the note is considered to be paid/settled in full
