Posted on: 29th Oct, 2010 11:58 am
i have a rental property that has a 1st and 2nd mortgage on it. the 1st loan is 130k, and the 2nd loan is 30k.
can i file a deed in lieu of foreclosure since i am 2 mos behind on both mortgages?
if i do, do i need to request a dil for the 1st and 2nd mortgage seperately?
tnx
can i file a deed in lieu of foreclosure since i am 2 mos behind on both mortgages?
if i do, do i need to request a dil for the 1st and 2nd mortgage seperately?
tnx
You can file a deed in lieu of foreclosure with your first lender as you are delinquent on your mortgage payments. However, unless the second lender agrees to the deed in lieu of foreclosure and relinquishes his claim, the first lender won't go ahead with it.
Do I need a lawyer to request for a DIL?
Hi stealaway,
You do not need a lawyer to request for a deed in lieu of foreclosure. You can contact your lender yourself and apply for it. If the lender is convinced about your financial hardship, then he'll accept your request.
Thanks
You do not need a lawyer to request for a deed in lieu of foreclosure. You can contact your lender yourself and apply for it. If the lender is convinced about your financial hardship, then he'll accept your request.
Thanks