Posted on: 26th Feb, 2007 11:48 am
Hi,
My husband and I have opted for Deed in Liew of Foreclosure on our home. I contacted the mortgage on Jan 29 2007 and they have started the procedure. It is now 1 month later and I haven't heard anything. How long does this process take? And does it start the day I called?? We just want out. Does it cost us any money to do this DIL??
Any help would be appreiciated
Stella
My husband and I have opted for Deed in Liew of Foreclosure on our home. I contacted the mortgage on Jan 29 2007 and they have started the procedure. It is now 1 month later and I haven't heard anything. How long does this process take? And does it start the day I called?? We just want out. Does it cost us any money to do this DIL??
Any help would be appreiciated
Stella
hi stella,
welcome to mortgagefit discussion board.
a deed in lieu of foreclosure must be completed within 90 days of initiation of the process and normally all expenses involved in completing the dil are done by the lender.
but you should ask and get it cleared from your lender whether you would be required to bear any of the expenses.
blue
welcome to mortgagefit discussion board.
a deed in lieu of foreclosure must be completed within 90 days of initiation of the process and normally all expenses involved in completing the dil are done by the lender.
but you should ask and get it cleared from your lender whether you would be required to bear any of the expenses.
blue
Hi Stella,
Usually a deed-in-lieu is completed within 6 months from the date of default until and unless the lender extends the time period by trying out other options.
The process may or may not star from the day you offered your property to the lender through deed-in-lieu. This is because there a number of steps are involved in the process. First of all, you need to submit a written statement which will prove that you have a valid reason for doing a deed-in-lieu. Then the lender will inspect the property and re-examine the title before he accepts your property. For the details, refer to our previous community discussion on Steps in Deed-in-lieu.
The lender may ask you for a certain amount of monetary contribution.
Thanks,
Sara
Usually a deed-in-lieu is completed within 6 months from the date of default until and unless the lender extends the time period by trying out other options.
The process may or may not star from the day you offered your property to the lender through deed-in-lieu. This is because there a number of steps are involved in the process. First of all, you need to submit a written statement which will prove that you have a valid reason for doing a deed-in-lieu. Then the lender will inspect the property and re-examine the title before he accepts your property. For the details, refer to our previous community discussion on Steps in Deed-in-lieu.
The lender may ask you for a certain amount of monetary contribution.
Thanks,
Sara