Posted on: 30th Apr, 2010 10:49 am
The Deed in Lieu seems to be the better route to take (over a foreclosure).
We were not able to get a re-mod and are now listing the house for a short sale. How much time do we/can we give the short sale before we need to do the Deed in Lieu before the bank issues the foreclosure/sale date? How does the timing work?
We were not able to get a re-mod and are now listing the house for a short sale. How much time do we/can we give the short sale before we need to do the Deed in Lieu before the bank issues the foreclosure/sale date? How does the timing work?
Hi ect,
As far as I know, you will have to list the property in the market for 90 days and then apply for a deed in lieu with your lender. Depending upon your situation, the lender will let you know whether or not you would be able to get the option.
Thanks
As far as I know, you will have to list the property in the market for 90 days and then apply for a deed in lieu with your lender. Depending upon your situation, the lender will let you know whether or not you would be able to get the option.
Thanks
Thanks for the info... I didn't know there was a 90 period that the house had to be on the market. I appreciate your response. So, is it correct to assume that the bank will not/can not issue a sale date within this 90 period??
Hi Guest,
Before listing the property for a short sale, you need to contact your lender inform him about it. If your short sale is accepted, then the lender will not sell off the property within that time period.
Before listing the property for a short sale, you need to contact your lender inform him about it. If your short sale is accepted, then the lender will not sell off the property within that time period.