As you’ve probably seen, Mistake #5 of the Eight Mistakes To Avoid When Seeking Foreclosure Help is doing a “Deed in Lieu of Foreclosure” (aka DIL). Why?
Well, besides what’s listed in on the above link, I’ve never seen a DIL where the lender settles the account. So all you end up doing is saving them time and still living with the fear of them coming after you for years down the road!
This article explains this mistake even further by showing how even if the lender settles the account, the PMI company likely won’t! It’s a real eye opener!! A short sale on the other hand, when correctly and successfully negotiated by us will likely get everything settled, even with the PMI company. Maybe we should call Melissa the “PMI Bully” instead of “Bank Bully”.
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