I had Keagan with Nationstar contact me about doing a deed in lieu on property. The house has been listed for 18 months and there has been no luck on a short sale (under contract twice, buyers flaked). He proposed the deed in lieu to prevent foreclosure (house is 8 months behind... in New Jersey). Has anyone dealt with them on deed in lieus? Does owner usually need to pay the price difference in price or take a big tax hit? Also, anyone work with this guy before?
Question #1; how long does a foreclosure take in New Jersey? Its 8 months in on a life of X-months.
How are sellers with the foreclosure on their record? Do they care? Any plans to purchase a property in 7-years?
A DIL can have deficiency or not have deficiency and I've seen lenders approve a DIL and in the tiny tiny print mention the right to pursue deficiency; Bank United comes to mind. You have to be specific on which is agreed to. A DIL with deficiency is a worthless trick, in my opinion.
Every property, everywhere will sell at some price. A short sale at a fair market price might be in seller's best interest.