Hello Joan's Journey readers. For those of you who read my recent "Bah, Humbug" Blog regarding the stalled state of the condo sales market, blogger Marsha from Texas has interesting news--the availability from a lender of a Deed in Lieu of Foreclosure (DIL).
In my blog, I lamented that if I could not find a buyer for my condo, I had two options in order to move forward to senior housing:
1) Short Sale, which is a legal process where the mortgagee sells the residence for less than is owed to the lender, with the lender's approval
2) Foreclosure, a legal process in which the mortgagee moves from the residence with a balance of the loan owed to the lender, with the lender's approval.
According to Marsha, an experienced realtor, there is an option between the short sale and full foreclosure, a DIL. She says this is a complicated legal process where the seller and lender agree upon terms to return the residence to the lender, with lesser consequences than a full foreclosure. Marsha stressed the need for legal and tax counsel for the seller. With these issues in place, a DIL sounds like a sound third option for Joan's Journey and others.
Any realtors or those experienced with DIL among Joan's Journey readers? Please leave your advice or experience in the comments.
My next installment, which will be published around mid-April, will be an honest chronicle of the best, worst and my #1 senior housing choices from Joan's Journey Pacific Coast travels. And the winner is...
This entry was written by Joan London. You can read more about her and her search for senior housing by checking out her blog here.
Image by svilen001 on Stock.xchng.