Deed-In-Lieu of Foreclosure
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A Deed-in-lieu of foreclosure is a last ditch option, whereby you may be permitted to voluntarily elect to return or give back your property to the servicer or lender. If you cannot refinance out of the foreclosure, a deed-in-lieu may be the only option you have to save your credit, even though you will not be able to sav your home. This is because with a deed-in-lieu you can avoid the actual foreclosure itself, thereby reducing the impact on your credit score and credit report.Because a this option is usually the last one, its best to speak with a professional to determine if a chapter 13 bankrtupcy will be worth it. It is usually best to speak to a foreclosure specialist and a bankruptcy attorney to discuss all your options.
Usually this is used when the there is no other option. Many times the lender will not accept a deed in lieu of foreclosure, but it is also on a case by case basis.
Before considering a deed-in-lieu, detemine how much equity you have in the property, because if you do offer a deed-in-lieu of foreclosure you will generally be abandoning not only ownership of the property but any equity you may have built up through appreciation (the increase in value over the years) and principal pyaments over the years. If you believe you have 30% or more equity in the property, contact us at to review options which may allow you to save your home from foreclosure without resorting to the deed-in-lieu