Loans, Debt & Credit - View Single Post - Why on earth should one "qualify" for a DIL?

Enough Already · 08-30-2009, 06:34 AM

NewDad,
If we end up going the foreclosure route our plan is to negotiate a settlement with the bank. I don't think they're really pursuing deficiencies right now either, but the may in the future. From all of my research on this site, and talking with a few different lawyers, we expect to be able to settle for around 5% - 10%.

On your short sale attempt, try dropping the price. If you price the house right you will get an offer. The price doesn't matter, all you want to do is sell it. The bank will pay the realtor commission. You just want to make sure you're released from the debt before you sign off on the sale.

The mortgage debt relief forgiveness act should cover you on taxes. Double check that with a CPA. Our CPA confirmed it for us.

08-30-2009, 06:34 AM	#5 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Location: FL Posts: 527 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Why on earth should one "qualify" for a DIL? NewDad, If we end up going the foreclosure route our plan is to negotiate a settlement with the bank. I don't think they're really pursuing deficiencies right now either, but the may in the future. From all of my research on this site, and talking with a few different lawyers, we expect to be able to settle for around 5% - 10%. On your short sale attempt, try dropping the price. If you price the house right you will get an offer. The price doesn't matter, all you want to do is sell it. The bank will pay the realtor commission. You just want to make sure you're released from the debt before you sign off on the sale. The mortgage debt relief forgiveness act should cover you on taxes. Double check that with a CPA. Our CPA confirmed it for us.