Re: Deed in lieu of foreclosure

Posted by NJDave on April 21, 2005 at 16:57:31:

In Reply to: Deed in lieu of foreclosure posted by Melvia on April 21, 2005 at 12:52:57:

Despite what they may initially offer as an alternative to foreclosure, (first mortgage) lenders rarely accept a DIL. They'll want to first make certain that you've done everything in your power to sell the property... even if you have to negotiate a preforeclosure short sale.

I'd suggest that you 'run the numbers' get it listed, and get it sold ASAP.

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: Despite what they may initially offer as an alternative to foreclosure, (first mortgage) lenders rarely accept a DIL.  They'll want to first make certain that you've done everything in your power to sell the property... even if you have to negotiate a preforeclosure short sale.

: I'd suggest that you 'run the numbers' get it listed, and get it sold ASAP.


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