I am considering trying to get a deed in lieu of foreclosure approved on my house, but of the people I've spoken with at Wells, I seem to get different answers from everyone of them regarding what is required to get a DIL approved. So far it seems like DIL is a better option than short selling because it would get us out of our house possibly a lot sooner than a short-sale with similar credit report effects, but when I asked the rep why more people aren't doing this she said most people don't qualify. Since we are current on our mortgage and only have the one mortgage loan how easily can a DIL be achieved? From what I've gathered, we have to put our house on the market for 90 days, then request a DIL if no short sale has already been approved. then wait 30-60 days for investor approval (Fannie Mae), it seems like the tricky part is having to be at least 30 days delinquent but no more than 60 days delinquent at the time of DIL request. Is it easier to get an approval from Fannie Mae than wells fargo? Also, if I skip 1 payment then continue to make the rest of my payments on time will that keep me in the category of being '30 days deliquent'?
p.s. I am $125K underwater but my home expense-to-income ratio is only 28% with a 20% debt-to-income ratio, if that information helps with your response.