Re: DJ Confusion
Posted by Frank on December 21, 2008 at 10:26:04:
In Reply to: DJ Confusion
Posted by John Galt on December 20, 2008 at 06:20:40:
Different states have different rules. However, my experiance has been that if a DIL is given, a DJ is negotiated away in the releases.
Be aware that when negotiating for a short sale and/or DIL, the lender asks the borrower for certain financial information. In so doing, the borrower is disclosing other assets thereby helping the lender to determine if it is feasable to go for a DJ and where abd how to collect it.
In many jurisdictions, in order for the lender to be awarded a DJ, they must serve the defendant personally, not by mail. They must also prove the amount of deficiancy, and that usually cant be determined until the asset is liquidated.
When approaching these situations, make sure that you have hired a well seasoned and experianced third party.
What do lawyers say about having a fool for a client?
Good luck.
BTW, why is the lender concered with a loss? You said that they have PMI, why arent they talking to their insurer?
Follow Ups:
- Re: DJ Confusion - John Galt 13:22:25 12/21/08
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- Re: DJ Confusion - Frank 14:25:27 12/21/08
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