What To Say to a Lender Doing a Deed In Lieu

A deed in lieu is one of many ways to prevent a mortgage foreclosure. Foreclosures are expected after you miss mortgage payments for three or more months. And while lenders have no choice but to foreclose if you can't make the payments, they do work with borrowers beforehand to avert a repossession.

Property owners who negotiate a deed in lieu with their mortgage lender do vacate the home. But instead of a lender foreclosing and evicting residents, owners who face imminent risk of foreclosure can speak to their lender about a deed in lieu and sign over the property to the lender before they take action. Qualifying for a deed in lieu involves meeting a certain criteria, and those who qualify can sign over the deed to relinquish their rights to the home and walk away from the mortgage loan.

Mortgage lenders need to know specific information about the property before they can agree to a deed in lieu. For example, in the case of Bank of America, deed in lieus are only considered after a property hasn't sold in 90 days. If approaching your lender about signing over the deed, inform them of all efforts you've made to find a buyer for the property. Did you attempt to sell the home yourself, or did you use a real estate agent? How long was the property on the market? Did anyone show interest in the home?

Not everyone can submit a request for a deed in lieu of foreclosure. Talk to your lender and discuss financial or economic hardships that prevent you from making timely mortgage payments. Lenders will inquire about the situation; and the more information you provide, the better. Be honest, but don't falsify or exaggerate your circumstances to sway your lender's decision. Mention any reduction in income, job loss, illness or other personal issues that created mortgage payment problems.

It can take several weeks or months to approve a deed in lieu, but before you submit your request for help, talk to your mortgage lender about your plans for vacating the home. If approved, lenders typically allow up to 30 days to vacate the property, and some assist owners with relocation costs. Depending on the home loan lender, you may receive permission to temporarily live in the house for a longer period after you sign over the deed, and then lease back the property at a reduced price.

Mortgage loan - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Mortgage
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty ...
Topic Galleries - OrlandoSentinel.com - Orlando news, information ...
www.orlandosentinel.com/topic
News, Photos and Information about OrlandoSentinel.com ... It has been more than 40 years since Poinciana was carved out of ranchland along the Osceola-Polk county ...
Karma - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Karma
Karma in Indian religions is the concept of "action" or "deed", understood as that which causes the entire cycle of cause and effect (i.e., the cycle called sasra).
RCSB Protein Data Bank - RCSB PDB
www.rcsb.org
Molecule of the Month Serotonin Receptor Are you feeling happy today? Are you feeling hungry? Do you get migraines? All of these behaviors, and many more, are ...
Pulp Fiction (1994) - Quotes - IMDb
www.imdb.com/title/tt0110912/quotes
Pulp Fiction (1994) Quotes on IMDb: Memorable quotes and exchanges from movies, TV series and more...
Realtor Magazine Real Estate Tips, Trends, Data & More
realtormag.realtor.org
Ten years ago this month, Mary Wallace became a real estate professional. Her first six months were brutal. But she stuck with it, which she says was the best ...
America's FREE List of Bank & Credit Union Repo Sales - Cars ...
www.repofinder.com
Select a State ... Home Add Link Report Link About FAQ Legal Disclaimer Useful Links Privacy Policy Blog
Doing Business - Measuring Business Regulations - World Bank
doingbusiness.org
The Doing Business project provides objective measures of business regulations for local firms in 185 economies and selected cities at the subnational level.
The Big Lebowski (1998) - Quotes - IMDb
www.imdb.com/title/tt0118715/quotes
Maude Lebowski: What do you do for recreation? The Dude: Oh, the usual. I bowl. Drive around. The occasional acid flashback. Share this
KnowledgeBase - Office of Information Technology
helpdesk.princeton.edu/outages/view.plx?ID=4004
CampusCGI and WebScript services were decommissioned at 7:30 a.m. on Monday, January 28, 2013. All programs formerly accessible at the domains