How do I do a deed in lieu of foreclosure?
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How do I do a deed in lieu of foreclosure?
I want to get rid of my house. It’s only under my name. I want to do dead in lieu. How my wife credit score will be affected? Do I need a lower in this case? The house cost is 240K and the mortgage is 287K. There is no equity and any other loans or leans.
Asked on October 10, 2011 under Real Estate Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In order to do a deed in lieu of foreclosure, you need to have an agreement from the lender holding the mortgage or trust deed secured by your home to accept the deed in lieu of foreclosure from you. Without an agreement from the lender any signed and recorded deed in lieu of foreclosure can be disclaimed by the lender concerning its loan secured by your home.
A deed in lieu of foreclosure is similar to a deed but is a special document where in exchange for no foreclosure proceedings concerning a given property by the secured lender, the property owner will transfer legal title to the lender.
Given your situation, I suggest that you consult with a real estate attorney about your desires.
Good luck.
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