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.
Follow Ups:
- Re: DIL in Michigan - randy gates 07:53:11 06/28/08
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