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What is the fastest way to get rid of house

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by capecora, Jun 11, 2013.

  1. capecora

    capecora LoanSafe Member

    We live in Illinois We are about 70,000 under water We are retiring at the end of the month We have a condo in Florida that we financed in April We just missed our last payment on June 1 We want to get rid of the house as soon as possible Should we do a DIL What is the fastest way out We don't want to keep paying utilities on the house and we definitely want to be in Florida by winter Any suggestions


    Deb
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Welcome to the forum and thank you for joining.............

    First you would need to understand the foreclosure process in IL in regards to deficiency judgements;

    Foreclosure and deficiency judgments | Law News

    The foreclosure itself can take anywhere from 8 months to upwards of a year more or less;

    Illinois Legal Aid | Mortgage Foreclosure Timeline

    Who is the lender? A DIL would be difficult to obtain if there are more than one lien on the property. Do you have a first and second lien? Also you would have to begin with getting an approval to do a short sale through the lender first by submitting a full financial package and showing a hardship. The property being underwater would not be considered a hardship unfortunately.
  3. capecora

    capecora LoanSafe Member

    We only have a first mortgage Our hardship is that we will be living on a very small pension My husband is 61 and I am 59 My husband was forced into early retirement
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    Who is the lender, so I can give you more information about their process?
  5. capecora

    capecora LoanSafe Member

    Bank of America is the leder and it is a Fannie Mae loan
  6. Cat Damiano

    Cat Damiano Mortgage Wars

    Since your loan is a Fannie Mae loan, you may be eligible for their Mortgage Release program. If eligible, the process should be fairly quick since there is only one loan.

    Here is the information;

    Mortgage Releaseā„¢ (Deed-in-Lieu of Foreclosure) : Fannie Mae

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