Re: Deed-In-Lieu

Posted by Nick(Colorado) on December 04, 2002 at 14:07:57:

In Reply to: Deed-In-Lieu posted by cliff on December 04, 2002 at 07:09:37:

Cliff:

A deed in lieu is negotiated between the party in default
and the lender. The lender does not generally have to accept
a DIL. The 16K figure may represents the starting point from
the lender? If this is the case, then I would get a refi
appraisal on the property and start negotiations with a
lost mitigation representative from the lender. Obviously
you are trying to get the figure reduced or eliminated based
on the FMV of the property. Keep in mind you position is not
very strong.

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Comments:
: Cliff:

:   A deed in lieu is negotiated between the party in default 
: and the lender. The lender does not generally have to accept 
: a DIL. The 16K figure may represents the starting point from
: the lender? If this is the case, then I would get a refi 
: appraisal on the property and start negotiations with a 
: lost mitigation representative from the lender. Obviously
: you are trying to get the figure reduced or eliminated based
: on the FMV of the property. Keep in mind you position is not
: very strong.


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