Question:

When is it appropriate to file a deed in lieu of foreclosure form?

Answer:

If you are a borrower who for some reason has badly defaulted on their mortgage, lacks assets to pursue deficiency judgment, and is facing foreclosure, you might like to consider executing a deed in lieu of foreclosure with your lender so that your credit reports remain clear of foreclosure records. A deed in lieu of foreclosure form filled in and filed will help you settle pending foreclosure off court. This deed will transfer your rights in a property to the lender and will free you of the liabilities specified on the loan documents.

Filing a deed in lieu of foreclosure form is appropriate when you have concluded there is no other way to save your property and you are aware a deed in lieu of foreclosure will not mar your credit as foreclosure would. Shortly from signing a deed in lieu of foreclosure form foreclosure will be reversed, if started, debt will be resolved, and you will be exempt from making late payments and paying court fees.

You can check if a deed in lieu of foreclosure form has been uploaded on the forms section of our website.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: