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- What is a Deed In Lieu of Foreclosure?
The process of a deed in lieu of foreclosure is essentially the surrendering of your home to the lender in return for them taking the liability of the mortgage loan and payments from you. A deed in lieu does include the need to vacate the home and must be due to some financial hardship.
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- How does a Deed in Lieu work?
Upon experiencing a financial hardship that caused the inability to make timely payments, GMA Modification Affiliates will conduct the necessary research regarding your property and present a proposal on your behalf to the lender. The lender may require a small financial investment by the homeowner to cover the costs of some of the legal fees.
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- What do I do after a Deed in Lieu?
Once a Deed in Lieu transaction is negotiated, the homeowner must vacate the home and give up all rights to the property.
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- How does a Deed in Lieu affect my credit?
A deed in lieu requires the homeowner to be behind on their mortgage payments before the lender will consider going through with a deed in lieu. This means that your credit will be affected by the late mortgage payments, however not nearly as much as from a foreclosure.
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