Posted on: 19th Aug, 2009 08:55 am
I want a DIL, however, my lender says I need to list my property for a short sale for 90 days. Then, I can apply for the DIL. All the while, I am still required to pay my monthly installment which i can't afford. I am 3 months late already. My understanding in today's market short selling and DIL can take forever.....
If I don't pay another 3 months or more, will the lender just foreclose and sue me for the difference in which case I would be deeper in the hole? I don't need to keep the house its worthless.
If I don't pay another 3 months or more, will the lender just foreclose and sue me for the difference in which case I would be deeper in the hole? I don't need to keep the house its worthless.
If you do not pay for the next three more months, then the lender may just go ahead and do your DIL or foreclose on your house
Hi Frustrated!
Welcome to forums!
If you're unable to pay off the mortgage dues, the lender would take steps to foreclose upon the property. I would suggest you to list the property in the market and check out if you can get buyers for the property. If you are unable to get buyers, then you should again apply for a deed in lieu of foreclosure. Meanwhile it would be better if you could make minimum payments on your mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're unable to pay off the mortgage dues, the lender would take steps to foreclose upon the property. I would suggest you to list the property in the market and check out if you can get buyers for the property. If you are unable to get buyers, then you should again apply for a deed in lieu of foreclosure. Meanwhile it would be better if you could make minimum payments on your mortgage.
Feel free to ask if you've further queries.
Sussane
what I feel is you should pay some installments in one stretch, and then ask for DIL, if you go for shortsell you will be in trouble because lender will come behind you for the differences and again it will be big headache for you.
So instead of this just pay the payments and if you can modify the loan terms like lowering interest rates and if your lender agrees to that it will surely be a nice option at this moment.
Do you own any other house? If you leave this house where you are planning to stay?? whether you are going to rent a new one?
think about all these aspects and then decide for yourself that what exactly you want to do.Because it will affect your financial health so take a wise decision and if possible consult with an advisor.
So instead of this just pay the payments and if you can modify the loan terms like lowering interest rates and if your lender agrees to that it will surely be a nice option at this moment.
Do you own any other house? If you leave this house where you are planning to stay?? whether you are going to rent a new one?
think about all these aspects and then decide for yourself that what exactly you want to do.Because it will affect your financial health so take a wise decision and if possible consult with an advisor.
You better continue paying the amount so that you will not fall behind in payment and so that you can avoid the foreclosure.