What is a Deed-In-Lieu of Foreclosure?
A deed-in-lieu of foreclosure is an alternative to foreclosure whereby you voluntarily transfer ownership of a property over to the lender. This is usually an option when a property could not be sold through a short sale after 120 days. A deed-in-lieu may help you rebuild your credit sooner than a foreclosure.
What to Expect with a Deed-in-Lieu
A deed-in-lieu is an alternative which may:
- Prevent further damage to your credit scores.
- Eliminate the cost and stress of a foreclosure.
- Allow you to be eligible to apply for a Fannie Mae mortgage up to five years sooner than if a foreclosure is completed.
The process typically takes 30-40 days to complete, however the exact timeframe will depend on your specific situation.
As foreclosure avoidance professionals, Bayview can complete a deed-in-lieu transaction quickly. The sooner you contact us, the faster we can work together to get your account back on track.
In most cases, a Hardship Application
may be the first step for Bayview to review your current financial situation when requesting help with your mortgage. Your Bayview representative will advise you if you need to complete this application.
Once you have completed the application, please use one of the five simple ways to return documents