Posted on: 16th Nov, 2008 04:33 pm
does starting the process for a deed in lieu of foreclosure stop the foreclosure process?
in other words, while a dil is being considered by the lender, does the foreclosure process get extended?
in other words, while a dil is being considered by the lender, does the foreclosure process get extended?
Hi santwt!
Welcome to forums!
If you have applied for a deed-in-lieu foreclosure and the lender is considering it, then he will not extend the foreclosure process. In case, the lender rejects the deed-in-lieu foreclosure, then he will again start the process of foreclosure.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you have applied for a deed-in-lieu foreclosure and the lender is considering it, then he will not extend the foreclosure process. In case, the lender rejects the deed-in-lieu foreclosure, then he will again start the process of foreclosure.
Feel free to ask if you have further queries.
Sussane
Hi Santwt,
Welcome to our community forums.
The foreclosure proceedings will not start off if the lender has accepted a deed in lieu. However, in any case, if things don't work out the way the lender had excepted, he may resume the foreclosure proceedings again. However, once the deed in lieu is approved by the lender, in most cases, he executes it unless there's any dispute between him and the borrower.
By the way, is your property in foreclosure? has the lender accepted the deed in lieu?
Regards,
Jessica.
Welcome to our community forums.
The foreclosure proceedings will not start off if the lender has accepted a deed in lieu. However, in any case, if things don't work out the way the lender had excepted, he may resume the foreclosure proceedings again. However, once the deed in lieu is approved by the lender, in most cases, he executes it unless there's any dispute between him and the borrower.
By the way, is your property in foreclosure? has the lender accepted the deed in lieu?
Regards,
Jessica.
Bank has not accepted a DIL, does the foreclosure process stop when I request a DIL or when they accept it?