Replies to This Discussion

Permalink Reply by John Edelman on January 24, 2012 at 1:35pm

Deb,

 

What do you mean going nowhere?

 

If you want to do a DIL, you need to complete the PFS program - and then your lender should offer the homeowner the opportunity to do a DIL.

 

I do a lot of FHA short sales - maybe I can help to give you a kick start.

Permalink Reply by Deb Orth on January 24, 2012 at 1:57pm

We did the PFS but BOA never offered the DIL.  Maybe I can just go to BofA_Help for resolution.

Permalink Reply by Kevin - Greenville, SC on January 24, 2012 at 1:35pm

What is the reason it's going nowhere?  Bad Appraisal? 

No specific authorization is required for the NSC of HUD.

Permalink Reply by Deb Orth on January 24, 2012 at 1:56pm

Buyer bailed...no way to sell this house now...been vacant for more than a year and condition getting worse.  Best outcome for my seller would be DIL

Permalink Reply by Kevin - Greenville, SC on January 24, 2012 at 2:17pm

The best outcome for your seller is a voluntary Foreclosure?

Permalink Reply by Deb Orth on January 24, 2012 at 2:39pm

Kevin, this house is one hot mess.  We were lucky we got a contract for $85K last year.  After it took 7 months to get an approval, the buyer bailed after the home inspection.  DIL is what she wants to pursue in order to save herself from deficiency.

Permalink Reply by Joseph Alfe on January 24, 2012 at 3:12pm

who says the lender won't ask for a deficiency in a DIL?  Turn this over to an attorney before you get sued.

Permalink Reply by Kevin - Greenville, SC on January 24, 2012 at 8:05pm

very true, a DIL doesn't necessarily include a release.

Permalink Reply by Linda Hamilton on January 24, 2012 at 1:52pm

who is the lender?

Permalink Reply by Deb Orth on January 24, 2012 at 1:53pm

Bank of America...

Permalink Reply by John Edelman on January 24, 2012 at 4:50pm

I would contact the negotiator that you were working on for the short sale and let him/her know that your homeowner is intersted in a DIL.  They should be able to get you in touch with the right department at B of A

Permalink Reply by Marielle van der Burgh on February 8, 2012 at 3:19am

Customer care at BOA will give you the guidelines for a DIL. The DIL Rep I talked  to said it is a 40 to 60 day process. The house must have clear title and be in move-in ready condition.