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Deed In Lieu

What is a Deed In Lieu of Foreclosure?

A Deed in Lieu of Foreclosure is a Loan Modification option in which the borrower turns over all interest in their property to the lender to satisfy a loan and avoid foreclosure

. The advantage is that the borrower is immediately released from most of their obligation to the lender. Plus, a Deed in Lieu of Foreclosure is less damaging to your credit history than foreclosure. Lenders will consider Deed In Lieu of Foreclosure because it is less expensive than repossession.

Is Deed In Lieu of Foreclosure an Option For Me?

Normally,

in order to be considered for a Deed in Lieu of Foreclosure, the property value must exceed the amount owed on a loan

. In other words, if your house is worth $100,000 and your loan balance is $95,000, you can be considered for this Loan Modification option. Also, the borrower must voluntarily give up the rights to their real estate. Normally, the lender requires a written offer from the borrower before they will negotiate a Deed in Lieu of Foreclosure. The lender will not offer a Deed in Lieu of Foreclosure because of potential legal ramifications. So your Foreclosure-Shield.com representative can help you with this negotiation if this is an option for you.

What are My Other Options?

If Deed In Lieu of Foreclosure is an option for you then you probably have several other viable options available as well. Once you have filled out our no obligation application, we can begin to examine your options. Our experienced representatives will provide you with several solutions and will be able to answer any questions that you may have.
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