Posted on: 02nd Dec, 2010 01:41 pm
I bought a townhouse in July of 07 and now my mortgage is about 27% in the red. I have a good job and income and can afford the payment. I am not eligible for any of the Home Affordability federal programs. For the last 2.5 years I have tried to call and get B of A to help me out, with lousy results. I decided to not make my November mortgage payment. Now I am getting calls every day from B of A and got a letter from them asking me to call to talk about my mortgage. In the letter they mentioned DIL which I didnt' know much about. My question is, why DIL vs strategic default? It seems like I have the law on my side and on the average it takes 401 days before I will have to move out. If I stay that long without paying rent I will at least recoup the money I put into the place.
welcome vaterry,
a deed in lieu of foreclosure will help you in getting rid of the property if you are unable to pay off the dues to the lender. it will not only help you in selling off the property but you won't be liable for paying the deficient balance resulting from the property sale. however, unless you are delinquent on your mortgage payments, you won't be able to get a deed in lieu of foreclosure.
a deed in lieu of foreclosure will help you in getting rid of the property if you are unable to pay off the dues to the lender. it will not only help you in selling off the property but you won't be liable for paying the deficient balance resulting from the property sale. however, unless you are delinquent on your mortgage payments, you won't be able to get a deed in lieu of foreclosure.
Many home owners are upset that their property has lost so much value, when in actually they bought when the property was over valued and now the value of homes are where they should of been to begin with. Of course this does not apply to everyone, but if you are concerned about the value of your home and when it may come back, well depending on where you live will determine how soon it may bounce back. Unfortunately, not everyone will gain what they have put into their home. You sound like the only reason you stopped paying your mortgage is due to value. If you are defaulting on purpose be careful about doing this, banks and government officials are watching and it can result in a long term affect. You need to ask yourself what are your long term goals? Do you want to stay in the property? IF so how long? What is the projected growth of the area you live in? A loan modification will not help you reduce the principal balance unless you are in an area the bank sees as severely crippled by foreclosures etc... Read our blog for good articles on many of the programs UNDER HAMP and HAFA.