It's yet another alternative to foreclosure. One that I don't really recommend... instead I would recommend a shortsale. Click here to learn about shortsales and how you can benefit from them if you're considering the Deed-in-lieu of foreclosure.
Vincent, What is Deed-in-Lieu of Foreclosure?
You may be able to deed the property to your lender/servicer and avoid a lengthy foreclosure. This would help to keep away from a long-lasting foreclosure. For information on how this will disturb your credit rating, consult an independent tax advisor. This alternative sends to the credit bureau that the economic condition was mitigated. If accepted, the Deed-in-Lieu documents will be forwarded to your banks attorney's office to finalize the procedure. Here are the required documents you will need to complete the process:
- Updated financial information for all parties on the mortgage(s)
- Interior appraisal
- Title Reports, to ensure that the property is free and clear of any debts, liens, encumbrances, and the premises are vacated
- Completed Deed-in-Lieu documents
The entire process takes roughly ninety (90) days to complete, however, it may take longer.
The quickest and best method is still the shortsale process (if you qualify). Click here for more information.
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