Home Loans and Support

Deed in lieu offer?!?!

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by missnell, Jan 16, 2010.

  1. missnell

    missnell LoanSafe Member

    GOT A CALL FROM NATIONSTAR, THEY WANT TO OFFER US A DEED-IN- LIEU AND CASH FOR KEYS. FINALLY, IT SEEMS THEY GET THE POINT, WE ARE 7 MTHS BEHIND WITH NO HOPE OF CATCHING UP (JOB LOSS). WE ARE READY TO MOVE ON, AND THIS IS GOOD NEWS TO US. PER N.S. WE'RE WAITING FOR FANNIE MAE TO APPROVE THE D-I-L OFFER, THEN WE'LL HAVE BETWEEN 30 TO 45 DAYS TO MOVE. WHAT'S PUZZELING, IS THAT A FEW DAYS AFTER THIS CONVERSATION WITH N.S. WE RECEIVED A LETTER FROM THE ORLANS LEGAL FIRM STATING THAT "N.S. HAS REFERRED THIS MATTER TO THIS OFFICE WITH INSTRUCTIONS TO START PROCEEDINGS TO FORECLOSE THE MORTGAGE ON ... PROPERTY":confused: WHAT'S THAT ABOUT? ANYBODY KNOW OR HAD A SIMILAR EXPERIENCE?
  2. drowningvegas

    drowningvegas LoanSafe Member

    This kind of "one hand not knowing what the other is doing" has been happening a lot. I wouldn't assume ANYTHING from the bank is legitimate, unless it's in writing. Did they say they would send you the DIL documents? Also, are they asking you for financials for the DIL, or anything? Finally, I would warn you to take very serious caution with the DIL... I have read here, and elsewhere, that many DIL and Short-Sale offers have clauses in them stating you CAN be pursued by the bank for deficiency, etc... even in non-recourse states.

    Not sure if this helps... hopefully you get what you're seeking, and can move on soon! :)

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