In Search Of Help...
I need some advice on Deed in leiu...
My lender has started foreclosure, the short sell offer that was submitted has been turned down. How will a Deed in Leiu affect my credit? Will I be liable for anything if I sign the property over?
Bankruptcy and keeping the property are out of the question at this point, How can I save my credit?
Why can't you keep the property??
Is this a rental? or primary res? What is your LTV? Is your credit score over $500?
I can't answer your question, but I may be able to think of other ways to get you out of this.
Unfortunately, I lost my position in June and I am still seeking employment.
It was our primary residence and has been on the market since June.
It is currently unoccupied and the mortgage company has informed me that it will be auctioned Dec 2nd.
If there are any junior liens, your lender probably won't accept a DIL. If there is only one mortgage, they might. Their incentive would be to avoid any additional legal costs.
Creditwise, a DIL is better than losing the property at a forced, public sale.
Why was the short sale request denied?
I was told by the mortgage company that the offer given was to low. yet it was roughly 72% of the payoff amount.[ Edited by Jeffries5 on Date 10/28/2003 ]