Posted on: 30th Aug, 2009 10:59 am
HOW DO I GET A D.L.I.
hi guest!
welcome to forums!
i guess you're speaking about deed in lieu (dil). deed in lieu of foreclosure is one of the methods to avoid a foreclosure. lenders generally accept a deed in lieu of foreclosure only when you're delinquent on your mortgage payments and awaiting a foreclosure. in this process, you'll have to surrender the property to the lender and he would sell it off in order to recover the mortgage dues.
a deed in lieu will remain in your credit report for 7 years as a negative item and it would reduce your credit score by around 250 points. apart from this, once you go for a deed in lieu, you won't be able to purchase any property within the next 3-4 years.
feel free to ask if you've further queries.
sussane
welcome to forums!
i guess you're speaking about deed in lieu (dil). deed in lieu of foreclosure is one of the methods to avoid a foreclosure. lenders generally accept a deed in lieu of foreclosure only when you're delinquent on your mortgage payments and awaiting a foreclosure. in this process, you'll have to surrender the property to the lender and he would sell it off in order to recover the mortgage dues.
a deed in lieu will remain in your credit report for 7 years as a negative item and it would reduce your credit score by around 250 points. apart from this, once you go for a deed in lieu, you won't be able to purchase any property within the next 3-4 years.
feel free to ask if you've further queries.
sussane