CW Deed-in-Lieu
When returning the property to CW do you know if they (or other lenders) will settle in full or still chase the home owner for deficiency. How does that show on credit?
I have heard some lenders pay sellers for DIL (?)
Seller does not want to keep property/ do Shortsale
I would not expect a lender to accept a deed in lieu of foreclosure. If they did, then they also assume liability for any junior liens. I suspect the lenders would prefer to foreclose and wipe out any junior liens that may exist.
The property has only one mortgage with Countrywide (CW)
will settle in full or still chase the home owner for deficiency..
this has been discussed a number of times. you might search the archives. It varies start-to state.
If the deed is returned to the bank what deficient amount will the lender chase for? They will take the deed and file a judgment on the owner?
Does DIL work for investment property?