If you are facing financial difficulties, you may not be able to afford your mortgage payments. If you want to move on quickly, you may decide to give up your home to the lender in a deed-in-lieu of foreclosure process without first trying various other foreclosure alternatives. However, you usually have to try to sell the house for at least 90 days before the lender considers a deed-in-lieu of foreclosure.
Deed-in-Lieu of Foreclosure
If you are facing financial problems and don't see any way you can afford even lowered mortgage payments, you may consider a deed-in-lieu of foreclosure. In this process, you voluntarily give the title to the property to the mortgage lender to release yourself from the mortgage. Because the lender then has to go through the trouble of selling the property, you have to meet various requirements before the lender approves your request for a deed-in-lieu of foreclosure.
Ninety Days Sale Requirement
Before even considering your request, a mortgage lender typically requires you to try to sell the property yourself. You may sell it for less than you owe if the lender approves you for a short sale. You have to put the property on the market for at least 90 days and present proof that you received no purchase offers during this time. The lender may require you to provide some documents, such as the listing agreement and the sale advertisement.
Negotiations
In most cases, lenders don't allow deed-in-lieu of foreclosure if the borrower has not attempted to sell the property himself. This minimizes the number of properties the lender has to sell and reduces the amount of work the lender has to do. However, according to MSN Real Estate, you may try to negotiate a deed-in-lieu of foreclosure without a 90 days sale period with your lender. Although unlikely, the lender may consider your request.
Considerations
If you want a deed-in-lieu of foreclosure, you have to work closely with your lender as soon as you expect to miss a mortgage payment. Bankrate.com recommends that you request to speak to a hardship assistance representative, who will help you determine the best course of action for your situation. When you contact your lender, explain why you believe the lender should approve your request for a deed-in-lieu of foreclosure and present supporting documents, such as a hardship letter, your pay stubs and your financial statements.
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