Deed in lieu or foreclosure

[hereforinfo]

Yes, those are the new ones.

[apb739]

UPDATE: I got this forbearance letter because the bank says they need time to work out the deed in lieu. I am very leery of signing because it looks like they are trying to get me back on the hook for the loan. Here is what I got:

Dear Sir,


Please accept this letter as a formal agreement outlining the reinstatement arrangements previously made with ***** Bank. This agreement confirms the details of the agreed upon payment arrangements. It must be signed, notarized and returned to our office within 48 hours via fax.

Failure to do so will result in nullification of this agreement and any previous arrangements will be considered void and full reinstatement will be required.

The above account will be allowed to remain delinquent as long as the terms of this agreement are followed and abided by. Payments must be remitted to our office on or before the scheduled due dates in certified funds; personal funds will be rejected. Late charges will continue to accrue during the reinstatement period and the account status will continue to be reported to the credit agencies. This plan will be nullified if bankruptcy is filed. Payment amounts will be subject to change if an escrow analysis is performed or ***** Bank deems a change necessary.

This account will not be considered current after this agreement ends. Additional documentation will be required to determine your alternatives to cure the delinquency. Please contact our office no later than 11/24/2009 to continue your loss mitigation review.

Payment Due to ****** Bank Payment Amount Applied To

10/1/2009 $ 0.00 N/A
11/1/2009 $ 0.00 N/A
12/1/2009 $ 0.00 N/A

The undersigned hereby affirm and understand that nothing herein contained shall in any way impair the security now held on the aforementioned loan, nor shall waive, annul, vary or affect any provision, condition, covenant or agreement contained in the loan documents, including but not limited to the Note, Deed of Trust of Mortgage, or Mortgage nor affect or impair any rights, powers or remedies under the Note, Deed of Trust of Mortgage or Mortgage. It is further mutually understood by the undersigned that this agreement is contingent upon timely and complete performance under the payment plan set forth above and that nonperformance will result in the total delinquent amount becoming due. It is also understood that if the undersigned breaches any of the terms, covenants, representations or warranties contained in the Mortgage, Note or this Forbearance Agreement, but not limited to, the terms of the repayment set forth above, this agreement to forbear shall without notice be terminated. No further force, effect and right to immediately seek remedies as set forth in the Note and Mortgage will be exercised by ****** Bank.

If any payment under this Plan is one day late, this will be considered a breach of the agreement and foreclosure will immediately proceed without further notice.

What do you think????

[hereforinfo]

That doesn't sound like a DIL agreement to me. I wouldn't sign that. Don't sign anything without having your attorney review it.

[justbroke]

Yeah, but look... the payments for 10/1, 11/1 and 12/1 are all $0.00. I would certainly look over this letter carefully before signing, but it doesn't appear to obligate you to anymore money.

It is definitely some sort of forbearance agreement.