Posted on: 19th Oct, 2008 06:27 am
I have 5 rentals. I want to keep one to move into next summer when the lease is done. The others are all under water by at least 25K. I have negotiated buy outs on the 2nds so I only have 1sts left. A customer service rep at CWBC told me that for a DIL I had to sell all my properties in order to close on their DIL. Have you heard about that? Thank you for your help.
Hi brenteid!
Welcome to forums!
I haven't heard of CWBC DIL but I can tell you about the DIL process in general. Here you eill have to write away the property to the lender who will give you a note stating that your debts are paid off. He will then sell the property in the market to pay recover the debt.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I haven't heard of CWBC DIL but I can tell you about the DIL process in general. Here you eill have to write away the property to the lender who will give you a note stating that your debts are paid off. He will then sell the property in the market to pay recover the debt.
Feel free to ask if you have further queries.
Sussane
Hi brenteid!
Things may vary from one lender to another. I think it is there policy to do so. You can try and contact the individual who finalized your deal with the bank and can ask him/her.
Thanks.
Things may vary from one lender to another. I think it is there policy to do so. You can try and contact the individual who finalized your deal with the bank and can ask him/her.
Thanks.