Many people are finding themselves facing foreclosure right now. One way to avoid foreclosure to is to arrange a deed in lieu of foreclosure. In this transaction, the homeowner offers to give the lender the deed in exchange for cancellation of the debt.
Things You'll Need
- Written offer to the lender, stating your wish to voluntarily enter a deed in lieu of foreclosure transaction
- A real estate attorney
Plan ahead: research this option well before foreclosure proceedings begin.
Find a real estate attorney to help you through the process and the paperwork.
Have the home appraised so that you know the fair market value of the home.
Offer the deed of your home to the lender in exchange for cancellation of your mortgage debt.