Deed-in-Lieu of Foreclosure
Your lender may accept the voluntary transfer of the title of your home back to them in exchange for cancellation of your mortgage debt. This approach may have tax implications for you, and it may not be possible if there are other liens against your home.

Eligibility

  • You may be eligibile for a deed in lieu of foreclosure if:
  • you are going through a hardship (for example, a job loss, divorce or a medical emergency)
  • you are unable to afford your current mortgage payment
  • you are unable to modify your current mortgage to make it affordable
  • you can’t sell your home for less than your remaining mortgage balance (also known as a "short sale")
  • you have tried to sell your property unsuccessfully for at least 90 days
  • you are facing foreclosure, and want to reduce the impact to your credit

 

Forbearance

Loan Modification

Deed in Lieu of Foreclosure

Debt Relief Act

FAQs