Home: Deed-In-Lieu of
Foreclosure
IS A DEED-IN-LIEU OF FORECLOSURE
RIGHT FOR YOU?
A Deed-In-Lieu of Foreclosure is a Great Option For Some, But Not All
A Deed-In-Lieu-of-Foreclosure may be a good option if you know that you cannot afford to continue making mortgage payments. Under this option, your mortgage company agrees to accept the deed as settlement of the mortgage and releases the borrower from most or all of the defaulted mortgage. It's the best way for you to avoid mortgage foreclosure.
Most lenders will require that your home has been listed for sale with a Real Estate Agent for 30-90 days at market value. One of our experienced, caring Realtors® in your area would be happy to assist you in listing your home.
Also, if there are other liens on the property, the lender will not consider a Deed-In-Lieu-of-Foreclosure because the lender would be liable to pay them off.
If it's clear that you will not be able to pay a deficiency judgment, as demonstrated in the Financial Worksheet provided to the lender, the lender may come to the conclusion that they will be better off accepting the deed as full settlement for the debt and avoid the costs associated with a foreclosure. But, there's no one rule. Each case is considered on an individual basis. To get started , contact one of our Foreclosure Specialists.
 If you want more information on whether you really should try
to save your home you can find out here.
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