Home Sale Relief

Deed in lieu of foreclosure is a good option if you negotiate properly with your lender.

First, you want to make sure that you have no junior liens or second mortgage, or else you cannot even consider deed in lieu of foreclosure.

Second, you need to present your hardship case to the lender. This means that you have to show you have neither the income to make the payments, nor the cash, nor prospects of things improving.

Third, there has to be some equity or at least zero equity. If you owe more than your home is worth, it makes deed in lieu very difficult.

Fourth, you want to negotiate how the mortgage company reports to the credit bureaus about your situation.  See Foreclosure deed in lieu credit reports: What can you do NOW?

Fifth, you want to get your home loan company to agree not to go after you later for their financial losses, or deficiency.

What if your mortgage lender will not agree to the above? Then you may not want to bother pursuing deed in lieu. It can take 90 days or longer and meanwhile the clock is ticking.

Consider whether deed in lieu is the right option for you. And also please, if you haven’t done so already, go to the home page www.HomeSaleRelief.com and take my free 20 minute course on foreclosure, short sales, reducing credit card debts without bankruptcy, and more.