luna Posted January 10, 2008 Report Share Posted January 10, 2008 We had the inspector come to assess the house. He said the house was in great shape and he'd report in. I've already been assigned a "workout counselor". The Focus Hope foreclosure counselor told me my best option was to try for a DIL so thats why I've gone this route. If not DIL it will be a foreclosure but#1 - why are they telling me that a foreclosure and a DIL cost CW the same so its not costing them less to accept one. Focus Hope told me it was actually a better option for CW to do DIL vs Foreclosure. #2 - The counselors also told me I would be able to request that all negative credit history be removed from my CR and it shown as PAID IN FULL. I don't get the feeling that I have alot of room to bargain but I'll sure try it.Oh and for the record for anyone doing a DIL. CW asks in the interest of the mortgage insurance co how much money you're willing to put down for them to consider your case. When I told them I don't have any $$$ and thats why I'm where I am -- he asked if I would be willing to sign a Promissary Note. When I asked for how much $$ we were talking here he refused and said he could not tell me an amount. This was the first I'd heard of this in all my research but after searching the net I found a woman who had taken a Promissary Note (interest free) for 5 years for $22,000. She was upset b/c her credit was still ruined. I'm glad I opted to not pay. Its bad enough I don't have my house but I'll need all the cash I can get to secure housing after this mess. Link to comment Share on other sites More sharing options...
morrow Posted January 10, 2008 Report Share Posted January 10, 2008 I just wanted to say that Im sorry to hear your going through this process.It makes me sad. I can't imagine. I wish you the best of luck with everything. Link to comment Share on other sites More sharing options...
firstsource Posted January 11, 2008 Report Share Posted January 11, 2008 It is not true that a DIL and a Foreclosure cost the investor the same. Foreclosure proceedings are expensive (they have to serve you with papers & go to court & etc) so a DIL is much better for you and for them. Plus the "clock" starts ticking the day the DIL is accepted. In 3 years you can be into another home. Less if you are able to have a down payment. Charles Link to comment Share on other sites More sharing options...
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