Home Loans and Support

question about a DiL and moving out

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by gentlewolf1, Mar 19, 2009.

  1. gentlewolf1

    gentlewolf1 LoanSafe Member

    If a DiL was reached, would I have to move immediately? I am waiting on government movers to get off their butts and set a moving date so I can move. I guess what I am asking is would a DiL force me to move before movers could get here?
  2. driacovone

    driacovone LoanSafe Member

    Normally with a DIL, you agree with the lender on the takeover date. Obviously, you can't put down one year from now in hopes to have 1 year living free.
  3. theylive

    theylive LoanSafe Member

    Quick question... Do I have to receive a NOD letter before I can request a DIL, and if they (CW) agree to a DIL would that include the my 2nd as well? If not what happens to the 2nd?
  4. driacovone

    driacovone LoanSafe Member

    No, you do not have to receive a NOD letter. The sooner you contact your lender the better. However, keep in mind that you must meet certain guide lines before they would consider a DIL. Typically you had to have been trying to sell your house through a realtor for at least 3 months (though I have seen some go after 30 days). You need to show a hardship. I.E.) lost job, had to relocate, medical issues, etc. Also, the house must be in a livable condition, and no other liens against the house. What I mean by livable - can not have issues with it. If your furnace has gone out, water lines broke, roof is caving in - they will not consider it.

    As for 2nds, it is harder - especially if the 2nd is with another lender. You have to work it out with the second lender.

    For me, both my mortgage and my heloc was with Countrywide, so I did not have to work between banks. I was also lucky, in that, my house appraised very close to what I owed on both accounts.

    I did notice that the mortgage has been removed from my name and note disolved. The HELOC will be disolved on April 1st and the house will officially be out of my name.

    I am going back there next week to get the remaining stuff out of the house - basically if it is not bolted down - they want it out.
  5. gentlewolf1

    gentlewolf1 LoanSafe Member

    well after 2 months of no one coming to look at place and now I am working so hard to do a DiL, i have had 2 people come look at the place since my realtor dropped the price to 120k, basically all its worth, but I still owe 197k, so not sure the bank would even go with that on a short sale and we are looking at this all taking months to get done if the bank agrees on it all, where a DiL could be done within a couple weeks. Should I hope for the short sale to work? Is it better for my credit?

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