Posted on: 22nd Oct, 2009 07:41 pm
I doubt a can produce a hardship case to my lender, I have a rental property that I need to get out from underneath. It was refinanced with a 20K cash out a few years ago, it's a least 100K upside down. I would prefer a DIL with waiver of deficiency judgment. If the bank doesn't go along with this and a DIL is the only thing I will accept, do you think they would eventually cave. I have heard that a DIL is a least expensive way to go for the lender, foreclosure costs them more time and money. Am I wrong about my thinking here, What do you think?
Welcome unclebuck,
You need to write a hardship letter to the lender informing him about your situation. Depending upon that, the lender would consider your request for a deed in lieu. It would be the lender's discretion whether or not he would cave in to your request. If you can convince your lender about your financial crisis, he would be ready for a deed in lieu.
You need to write a hardship letter to the lender informing him about your situation. Depending upon that, the lender would consider your request for a deed in lieu. It would be the lender's discretion whether or not he would cave in to your request. If you can convince your lender about your financial crisis, he would be ready for a deed in lieu.