Nuances
Posted by RSI on February 25, 2008 at 10:28:12:
In Reply to: Re: second mortgage offers a DIL
Posted by Nicole on February 25, 2008 at 08:31:06:
1. Second mortgage offers DIL consideration - a big difference from having an offer for DIL in hand.
2. Never a good idea to submit the same documentation that has already received a denial. Most loss mitigation agents utilize similar formulas to compute appropriate workout alternatives, such as when to approve a short sale over a deed-in-lieu. Of course, all will be looking to assign the foreclosure avoidance remedy least likely to significantly impact their bottom line. Often times, the best remedy (from a lender financial perspective) is foreclosure.
Why not have the second consider purchasing the first outright before you're required to sign your life away in 2-step...
What most homeowners MUST understand is that in order for a mortgagor's legal rights to a property to become extinguished, the mortgage holder (mortgagee) MUST agree to the disposal either by modification of the original contract through short sale or deed-in-lieu completion or through the foreclosure process.
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