Posted on: 09th Oct, 2008 08:08 am
In regards to (the lender's right to ask for the unpaid debt amount if it is not recovered totally by the property-sale).
If they have this right what benefit is it ti the lender to sell the property for as much as possible? Or even what's owed?
I ask mainly because of the current housing market. I owe about 215 and am 1 1/2 months behind and am considering all my options: selling, deed in liue, short sale possiblilites, foreclosure. Thanks you very much. I look forward to hearing from you
If they have this right what benefit is it ti the lender to sell the property for as much as possible? Or even what's owed?
I ask mainly because of the current housing market. I owe about 215 and am 1 1/2 months behind and am considering all my options: selling, deed in liue, short sale possiblilites, foreclosure. Thanks you very much. I look forward to hearing from you
"what benefit is it ti the lender to sell the property for as much as possible?"
it is clearly beneficial for the lender to try to sell for as much as possible; trying to obtain a judgment after the fact and then trying to collect from you (or any other borrower) is arduous at best.
there isn't a lender in the industry who wishes to take back a property.
it is clearly beneficial for the lender to try to sell for as much as possible; trying to obtain a judgment after the fact and then trying to collect from you (or any other borrower) is arduous at best.
there isn't a lender in the industry who wishes to take back a property.
Hi punchphily !
Welcome to Forums!
The lenders do not deal with property so it is always beneficial for them to try and sell the property for as much as possible.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
The lenders do not deal with property so it is always beneficial for them to try and sell the property for as much as possible.
Feel free to ask if you have further queries.
Sussane
Hi I live in Bend oregon our home values have plummeted do to high foreclosure -no longer can compete with bank pricing so my home is priced below what I owe I have tried to do the right thing but really want to move out of state no hardships yet will i be able to do a DIL or should I secure an out of state job first-how long does the process take and can the banks turn down the DIL?
Hi shazam,
Your query has been answered in the given link:
http://www.mortgagefit.com/deed-lieu-25.html#74143
Please take a look. I hope it will help you.
Thanks
Your query has been answered in the given link:
http://www.mortgagefit.com/deed-lieu-25.html#74143
Please take a look. I hope it will help you.
Thanks