Posted on: 27th Aug, 2008 09:47 am
Hello, I have a few questions about a short sale and a deed of lieu.
Our lender is HSBC we have are house up for sale for 2 months for a short sale,and if we can't sale it, we will then do a deed- of-lieu. We were wondering what the laws are in ILLinois for a short sale and a deed- of- lieu? We were wondering if we are responsible to pay off the remaining balance on the short sale, and the deed of lieu. We owe about 84,000 and where the house is located you can only get about 64,000 if your lucky.
Thanks
Deb Roach
Our lender is HSBC we have are house up for sale for 2 months for a short sale,and if we can't sale it, we will then do a deed- of-lieu. We were wondering what the laws are in ILLinois for a short sale and a deed- of- lieu? We were wondering if we are responsible to pay off the remaining balance on the short sale, and the deed of lieu. We owe about 84,000 and where the house is located you can only get about 64,000 if your lucky.
Thanks
Deb Roach
Please reply asap.
Thanks
Debra Roach
Thanks
Debra Roach
Hi droach.
Welcome to the forum. If the lender accepts the deed in lieu, then he will not come after you for the deficiency judgment. But deed in lieu will have huge negative affect on your credit.
The short sale will have comparatively less negative affect on your credit report but the lender can demand the outstanding balance of the loan amount. BTW is it a non recourse loan?
Best of luck,
Larry
Welcome to the forum. If the lender accepts the deed in lieu, then he will not come after you for the deficiency judgment. But deed in lieu will have huge negative affect on your credit.
The short sale will have comparatively less negative affect on your credit report but the lender can demand the outstanding balance of the loan amount. BTW is it a non recourse loan?
Best of luck,
Larry