Deed in lieu of foreclosure
I am behind 69 days on my mortgage, about $6,588. My practice closed a year ago and I have had a difficult time with getting full-time, stable work to replace my income. I don't think my lender has filed default notice yet. Is it likely my bank would accept an offer for a deed in lieu of foreclosure instead of a short sale? by kwilliams_vet274 from Greenville, Alabama. Jun 26th 2019
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Much more info needed to specifically answer your question, but in general, your far better off trying to sell your home vs. a DIL.. For credit impact and mandatory waiting periods, a DIL for some loan products is the same as a foreclosure. Also, certain states have laws where you would be responsible for any loss the lender occurred.. check with your states laws.. but with a short sale,, you can negotiate how much if any, you would still be responsible for after the sale. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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