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Underwater on your home?

Financing
On March 1, 2013 the revised guidelines of the deed-in-lieu (DIL) of foreclosure will go into effect.  There will be 3 changes: 1) The change will allow some homeowners who cannot obtain a loan modification or short sale to relinquish their home to the owner of the mortgage and cancel their debt. 2) The servicer incentive for completing a DIL of foreclosure will increase from $275 to $1500. 3) Servicers no longer need written approval to postpone a foreclosure sale for mortgages that are more than 12 months delinquent. #2 and #3 are pretty self-explanatory so let's concentrate on the requirements for #1. Homeowners who are 90 days or more delinquent on their loan must be experiencing one of 10 hardships listed below: Unemployment Reduction in income: Hardship that has…
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