Posted on: 11th Sep, 2010 12:12 am
Here's my pickle.
I spoke with my lender today who confirmed my property has been submitted to start forclosure proceedings. The rep informed me it will take between 5-7 months. She recommeded the forclosure over a deed
in lieu because the debt owed is uncollectable under foreclosure and a DIL will run me 2-3k out of pocket. Fanniw Mae holds the note and have previously declined a modification because of the market value is significantly lower than the balance.
Should I seek to have Fannie Mae reconsider? Pay the DIL fee? Or just conform and allow the fc to commense.
Lastly, is my credit shot to point of ca
I spoke with my lender today who confirmed my property has been submitted to start forclosure proceedings. The rep informed me it will take between 5-7 months. She recommeded the forclosure over a deed
in lieu because the debt owed is uncollectable under foreclosure and a DIL will run me 2-3k out of pocket. Fanniw Mae holds the note and have previously declined a modification because of the market value is significantly lower than the balance.
Should I seek to have Fannie Mae reconsider? Pay the DIL fee? Or just conform and allow the fc to commense.
Lastly, is my credit shot to point of ca
hi j_santoyo,
i don't think that the lender's representative has given you the correct information. after a normal foreclosure, you'll be liable for paying the balance amount resulting from the sale of the property. in case of a deed in lieu of foreclosure, you won't be liable for the balance amount as it will be forgiven by the lender. in my opinion, you should contact the lender and go for a deed in lieu of foreclosure in order to get rid of your property.
thanks
i don't think that the lender's representative has given you the correct information. after a normal foreclosure, you'll be liable for paying the balance amount resulting from the sale of the property. in case of a deed in lieu of foreclosure, you won't be liable for the balance amount as it will be forgiven by the lender. in my opinion, you should contact the lender and go for a deed in lieu of foreclosure in order to get rid of your property.
thanks