Posted on: 26th Jan, 2011 08:28 pm
I will go by the guidelines for the deed in lieu ,understand it and please explain briefly how the follow up done by the bank or servicer. Below are the guidelines
1. CIt open and closed within 3 calender days
2. Initial contact should be made at the time of closing
3. On the same date bpo & title should be ordered
4. Follow up should occur within 14 days on the initial attempt
5. Once dil documents are ready to be sent, agent should verify the vacancy date & mailing address for document
Can you please advice when the borrower start the deed-in lieu & how the document are scrutinized.
1. CIt open and closed within 3 calender days
2. Initial contact should be made at the time of closing
3. On the same date bpo & title should be ordered
4. Follow up should occur within 14 days on the initial attempt
5. Once dil documents are ready to be sent, agent should verify the vacancy date & mailing address for document
Can you please advice when the borrower start the deed-in lieu & how the document are scrutinized.
hi vikram,
a borrower should apply for a deed in lieu of foreclosure when he or she is facing severe financial hardship and want to get rid of the property and the mortgage. you will be able to qualify for deed in lieu of foreclosure only when you're delinquent on your mortgage payments.
to know all about deed in lieu of foreclosure, take a look at:
http://www.mortgagefit.com/deed-lieu.html
take care.
a borrower should apply for a deed in lieu of foreclosure when he or she is facing severe financial hardship and want to get rid of the property and the mortgage. you will be able to qualify for deed in lieu of foreclosure only when you're delinquent on your mortgage payments.
to know all about deed in lieu of foreclosure, take a look at:
http://www.mortgagefit.com/deed-lieu.html
take care.
You should contact them and see if the act of substitution is a possibility. Ideally, you should contact your financial problems long before they start thinking deed instead of foreclosure.