Posted on: 10th Feb, 2009 10:52 am
We have 17 lots we have been trying to sell. Some are heavily wooded and some are clear. We refinanced them and owe over $200,000 on them. We are not late on any payments for lots/home/credit cards, etc. but are coming down to having to make decisions. Would a DLF be in order for us on the vacant land? Thank you.
Hi musmin,
Lenders generally accept a deed in lieu foreclosure when you are at least a month delinquent on your payments. As you are current on your payments, I don't think the lender will accept your request for a deed in lieu. You can still try negotiating with the lender and check if he agrees to a deed in lieu.
Lenders generally accept a deed in lieu foreclosure when you are at least a month delinquent on your payments. As you are current on your payments, I don't think the lender will accept your request for a deed in lieu. You can still try negotiating with the lender and check if he agrees to a deed in lieu.