Do I Need to Ask for a Deed in Lieu?

One solution for a homeowner unable to make mortgage payments and facing foreclosure is to simply give the property back to the mortgage company. Even though this solution, called a deed in lieu of foreclosure, seems simple, it requires the consent of the lender, and lenders aren't always willing to give it. They may consider foreclosure a better option if the mortgagee doesn't own much equity or if the home will be difficult to sell.

As long as you have a mortgage, the holder of that mortgage has the right to foreclose if you don't meet the terms, which include making regular payments. If you miss payments or otherwise indicate you have financial hardships, the holder may, at its discretion, consider other options, including a short sale or a deed in lieu. It's up to you to make the request. Some lenders may have a policy against accepting deeds in lieu and may refuse, while others may require you to put the house on the market for a period of time before consenting.

Before you contact your lender to request a deed in lieu, you should organize your financial records so you'll be able to document your need for it. Then send your request in writing. In your letter, you should state your situation and the reasons why you cannot make payments. It will help your cause if you can state that you have had your house on the market for a period of three months or more. Request a Borrower's Financial Statement and Statement of Hardship from the lender. Fill out both forms and include them with your letter.

A deed in lieu saves you the trouble of selling your home. You simply give the keys to the lender and walk away, and in exchange, the lender agrees to cancel all or part of your mortgage. That can be a drawback at tax time, because the Internal Revenue Service may consider part of the forgiven debt as income and levy taxes on it. Moreover, while a deed in lieu may not do as much damage to your credit report as a foreclosure, it can still lower your score enough to make it difficult to secure future financing or possibly even to get a job.

Many underwater homeowners ask for a deed in lieu because they can't satisfy the mortgage by selling the home. Lenders prefer cash to property, however. Moreover, your lender may not want the responsibility of selling your home, especially if it already has a surplus of foreclosed properties.

If you can find a qualified buyer willing to pay the market price for your home, your lender may consider a short sale, whereby it forgives the deficiency between the amount owing and the sale price. A short sale has a slightly less damaging effect to your credit, but you may have to pay taxes on the deficiency.

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