Deed in Lieu of Foreclosure
With a deed in lieu, you sign the home over to your lender and they release you from the mortgage. It avoids a public foreclosure sale and can be faster and calmer than going to auction.
Typical requirements
- The home has usually been listed for sale without success.
- Title is free of other liens, such as a second mortgage or HOA lien.
- The home is left in broom-clean condition.
Things to ask for
Ask that the agreement waive any deficiency. Some lenders also offer relocation help, sometimes called "cash for keys." Get every promise in writing.
What you give up
You give up the home and any equity in it. If you have equity, selling first is usually the better option.
Keep exploring
Home Preservation Program
A sale with a lease-back and a possible option to repurchase — not a loan or a guarantee.
Learn moreSell Before the Auction
A fast, as-is cash sale that can protect your equity and let you leave on your terms.
Learn moreLoan Modification
Permanently change your loan terms so the monthly payment fits your budget.
Learn moreYou don't have to figure this out alone
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