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 fromthe 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. Obviouslyyou are trying to get the figure reduced or eliminated basedon the FMV of the property. Keep in mind you position is notvery strong.
