Posted on: 28th Jul, 2010 10:35 pm
Our house has been on the mkt for 2 yrs as of April 2010 with no offers at all. In April we applied for a ReFi to lower the payments and rate to make them more manageable. The lendor's apprasial was $13,000 less than the mtg balance. We would have been approved, but the wanted us to pay the difference which we were unable to do. In June I was laid off. We are current on the payments, but with the loss of income will not be able to maintain them for long. We considered a short sale, but do not want to keep the house as the winter utilities are very high. What are the eligibility requirements of a DIL?
hi joyce,
the lender will accept your request for a deed in lieu of foreclosure if you're 2-3 months delinquent on your loan payments. also, you'll have to convince the lender about your financial hardship. once the lender is convinced about your financial situation, he will accept your request for a deed in lieu of foreclosure.
thanks,
jerry
the lender will accept your request for a deed in lieu of foreclosure if you're 2-3 months delinquent on your loan payments. also, you'll have to convince the lender about your financial hardship. once the lender is convinced about your financial situation, he will accept your request for a deed in lieu of foreclosure.
thanks,
jerry