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| Deed-in-Lieu vs. Foreclosure If your in a bind with mortgage payments, you may want to pursue a Deed-in-Lieu instead of Foreclosure. You give the mortggae company the deed, in return, they agree to stop all collection action and forgive the balance if any. The best steps to follow is 1st contact your mortgage company. Sometimes it hard to find out they do a Deed-in-Lieu, if your told no the first time, talk to someone else. Always try the Loss Mitigation department if possible. Most mortgage companies will require you to provide them with documents proving you can't make the payments. If your home is listed with a Real Estate Agent, the mortgage company will usually honor the listing agreement with a slight change to the commission given to the agent. For more information please read the following links: Deed in lieu of foreclosure - Wikipedia, the free encyclopedia Foreclosure v. Deed Deed-In-Lieu Frequently Asked Questions - HUD We hope this information helps you with your situation. If you decide to list your home, please remember, we understand and assist with the Deed-in-Lieu process. |
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