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If there isn’t a financially feasible way to keep your home, and you’ve decided to move on, a Deed in Lieu of Foreclosure (DIL) may be an alternative to foreclosure. DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven. However, it may have tax consequences and/or impact your credit, so you’ll want to contact your tax advisor to discuss these potential impacts.
With a Deed in Lieu, you’ll have plenty of time to plan your move and transition out of your home. You may be eligible for relocation assistance. If there are other liens and judgments against your property, those must be paid off or removed prior to finalizing the DIL. You may also be eligible for assistance in removing some or all of these liens or judgments.
Further reading
See also forbearance
See also loan modification
See also short sale
