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Foreclosure Forum
Moderated by: joel, TheShortSalePro, JohnLocke, bargain76
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Real Estate Investing Forum Index / Foreclosure Forum / Deed in Lieu of Foreclosure

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Deed in Lieu of Foreclosure
dansails

52 Posts  
Member Since: 02/06/2003
North Olmsted, OH
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What's My Favorites Network?		 Posted: 03:27 on 05-27-2003   
OK experts, how do you reply to this question from a person in default? "My attorney has advised me that the bank would look much more favorably on me and my credit record if I gave the house to them rather than going through a lengthy foreclosure process or 'short sale' "

Assume not other liens are on property and the foreclosure is a long(minimum 1 year) judicial process!

Dan in Cleveland
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TheShortSalePro



3969 Posts  
Member Since: 01/29/2003
Oakhurst, NJ
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What's My Favorites Network?		 Posted: 15:47 on 05-27-2003   
At first blush, I would be inclined to think that the attorney wasn't familar with the short sale process, and how a short sale is a superior alternative and preferable to a lender accepting a DIL.

Fact is, most lenders aren't in a position to accept a DIL unless/until the property has been professionally marketed at it's as-is, FMV with no market activity.

Sounds like the attorney is seeking to promote his service.... bankruptcy. But that's to be expected.

If you walk onto a used car lot, chances are that you'll buy a used car.



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