Posted on: 12th Mar, 2009 08:49 pm
Hi, I'm kind of a weird situation. I bought an investment property back in Oct 07 and it's been a nightmare, but anyway I have some tenants in the home who are very sporadic in paying their rent (which doesn't even come close to covering the mortgage) - their lease is finished in July. I am upside down in the property and cannot sell it without having to write approximately a 30k check at closing - that's even if it will sell in this market. I'm thinking of applying for a deed in leiu but I'm wondering approximately how long the process takes. I know foreclosure can take 6 months or more, but is there an average of time a dil takes from the point of initiation?
Hi dukecitychic,
Once the foreclosure has been set in motion, a deed in lieu doesn't usually take as much time as a normal foreclosure takes. As far as I know it has to be complete within 3 months of its initiation.
Once the foreclosure has been set in motion, a deed in lieu doesn't usually take as much time as a normal foreclosure takes. As far as I know it has to be complete within 3 months of its initiation.