Re: DIL in Michigan

Posted by NJD on June 25, 2008 at 13:55:34:

In Reply to: DIL in Michigan posted by Tmlynn on June 25, 2008 at 13:19:00:

The lender will decide what, if any, non foreclosure alternative relief option it will extend to you including accepting a DIL, or permitting a short sale. If you elect bankruptcy and you qualify for a Chapter 7, your debt will be discharged and the lender could still foreclose and force the sale of the house.

Before accepting a DIL, the lender will want to make sure you've tried to sell the property at its confirmed, as-is fair market value.

Typically in a short sale, the seller would receive zero proceeds with the lender absorbing the costs of sale.

No, you need not hire an attorney to negotiate a DIL. You can contact yourlender yourself, and ask for a workout application. The lender might make you jump through hoops of fire before allowing a short sale, or, a DIL.

google amazon fight foreclosure and read up on short sales, deeds in lieu, and other options which may or may not be available to you.

Good luck in Texas.

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