How does the HAFA Deed-in-Lieu of Foreclosure work?
This is a good alternative to a foreclosure proceeding. For anyone who doesn't know what a Deed-In-Lieu of Foreclosure is here is a short explanation.
With the Deed-in-Lieu of Foreclosure, the homeowner voluntarily transfers ownership of the property to the servicer in full satisfaction of the total amount due. The servicer may require that the homeowner list and market the property before they agree to a deed-in-lieu arrangement. In order for the Deed-in-Lieu of Foreclosure to work, the homeowner must provide a marketable title, free and clear of other mortgages, liens, or other encumbrances.
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