Posted on: 13th Dec, 2009 10:05 am
I am planning to do a deed in lieu of on an investment property. I would like to be ready to move this forward since my 90 days of having the property listed is almost up. Does anyone know what I do once the 90 days are up? The bank won't even talk to me until that date.
Thank you for your help.
Michelle
Thank you for your help.
Michelle
Hi michelleb,
If your lender does not want to talk to you about the deed in lieu until 90 days of having the property listed is up, you do not have much option. You will have to wait till the 90 days are up. However, you can write a hardship letter to the lender and explain them the financial hardship you are currently facing.
If your lender does not want to talk to you about the deed in lieu until 90 days of having the property listed is up, you do not have much option. You will have to wait till the 90 days are up. However, you can write a hardship letter to the lender and explain them the financial hardship you are currently facing.
i suggest contacting their loss mitigation department after the 90 days and making sure you have all relevant information needed for a short sale (pay stubs, bank records etc) in order so you can get it done quick!
well...a short sale differs from a deed in lieu of foreclosure, so be careful here. you seem to have already had conversations with your lender about this, so it would also seem that they might have told you what to do. what did they tell you to do, other than wait 90 days?
