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Brad Yzermans
January 29, 2013 at 7:11 pm
How is this any different than a regular short sale and not having had
any late payments? Homeowners with Fannie/Freddie loans have always
been able to apply for a hardship (relocate, job transfer, illness) and short sale their home.
What would you consider to be the biggest benefit of a deed-in-lieu
versus a short sale?
If short selling with no late payments, a borrower would be able to qualify and buy again much sooner using FHA financing than if they did a deed-in-lieu.
Mark Miller
January 30, 2013 at 10:01 am
The value of your home has nothing to do with your ability to pay the mortgage. If you can pay the mortgage, over 30 years, the house will be paid off and it will be worth more than you owe since you’ll owe zero. Two people buy 300K houses side by side. One puts down 20% and the other 0%. If the house is now worth 250K, one guy is under water and the other is not. How is this scheme fair to the guy who put down 20% and still saw the home value drop?
MattThomson
January 30, 2013 at 11:14 pm
Seems worse than a short sale to me. Short sales rarely have to pay 20% of their cash reserves.