Loan Modification Forum - LoanSafe.org - View Single Post - Please take a look at my letter...I need help with a DIL

dontwantthehouse · 11-13-2008, 06:47 PM

Thanks ***.

Why do some owners who go through the DIL process not have to agree to a cash settlement? How does CW determine that one is needed?

Sorry that I keep asking these questions but I just have no clue, obviously.

My negotiator said the cash is needed because CW could not mitigate a loss but I don't know what that means and when I asked her she just said that it costs them more to do the DIL but to offset it they are asking for a cash contribution.

Is it because there is probably no equity in the house?

I know that I am upside down on my house (was not told what the CW appraiser came up with for current house value) but I am pretty sure that I have little to no equity. I owe $224k, listing price lowered to $219k. The house was originally valued at $250k when I took out this loan with CW in '04, so obviously if it wasn't for the market this house would be worth a lot more as with many other homes.

Since I am upside down on my home and tried for a short sale for nearly 5months, aren't those reasons for my DIL to be approved-I hope.?

11-13-2008, 06:47 PM	#24 (permalink)
dontwantthehouse Senior Member Join Date: Aug 2008 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Please take a look at my letter...I need help with a DIL Thanks ***. Why do some owners who go through the DIL process not have to agree to a cash settlement? How does CW determine that one is needed? Sorry that I keep asking these questions but I just have no clue, obviously. My negotiator said the cash is needed because CW could not mitigate a loss but I don't know what that means and when I asked her she just said that it costs them more to do the DIL but to offset it they are asking for a cash contribution. Is it because there is probably no equity in the house? I know that I am upside down on my house (was not told what the CW appraiser came up with for current house value) but I am pretty sure that I have little to no equity. I owe $224k, listing price lowered to $219k. The house was originally valued at $250k when I took out this loan with CW in '04, so obviously if it wasn't for the market this house would be worth a lot more as with many other homes. Since I am upside down on my home and tried for a short sale for nearly 5months, aren't those reasons for my DIL to be approved-I hope.?