Team Superstar's,
Are the ramifications worse for your credit with a Deed In Lieu Of or a Short Sale? Chase called yesterday to discuss a Deed In Lieu Of. I let the Negotiator know I was attempting to sell via short sale. She told me that the file would be transferred to the Short Sale Department and closed on her end. Not sure how they decided I was looking for a DIO in the first place. I had submitted all the paperwork off their web site for the Short Sale Packet. The only thing I can figure was that the property was listed a year ago and short sale never happened (I was not involved and did not have Realtor who had completed short sales in the past - shame on me). After reading your web site and others everyday I realize the process will only work if I am involved and prepared to provide my Realtor with the things they need when they need them (I checked out the Realtor to make sure I was not his first short sale).
I assume you go short sale and then DIO if all else fails. Is a DIO the same as a foreclosure?
Thanks..
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A deed in Lieu (DIL) is sometimes referred to as a "friendly foreclosure". So it is a foreclosure. In that respect a short sale is usually better for your credit. It's not uncommon for the lender to offer this. Especially is they see the short sale taking a long time.
But it's your choice. It seems you have a good grasp of the short sale now. Stay on top of it and work closely with your Realtor.
Steele
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