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deed in lieu of foreclosure is usually considered as the last resort to stop foreclosure;
your lender may allow you to voluntarily "give back"
your property to them. You would offer the deed to your property in Lieu of forecuosure. This won't save your home, but
it is less damaging to your credit and will help you in the
long run as an alternative to going through the whole foreclosure process. A deed in lieu of foreclosure is only one step better than forecosure, but should be considered as a last resort if you are unable to refinance, sell, or qualify for a repayment or mitigation plan.
Finding help with a deed in lieu of foreclosure can be hard, because not many companies are qualified to provide these services, even though they might tell you they are. Make sure you are working with a qualified professional to help you with a deed in lieu of foreclosure. |
