that is the process of giving the house back, there are a few requirements that have to be met in order to complete a Deed in Lieu (DIL). A DIL for a lender is considered as a last resort because it does show as a foreclosure on your record. I am far from a credit expert but I have heard it take 1 to 2 years off of your credit reporting of the foreclosure? The most important criteria is there are no other liens or judgments plus:
a DIL will be considered if:
- The property has been listed on the market for fair market value for three or more months without a reasonable offer (listing time can be less in some instances)
- Death of a borrower that has no assets
- Involuntary inability to pay that is permanent or long term
- Can not retain ownership of property
- Has been discharged from Chapter 7
There are also some quirky instances that may fit
*In some instances you can get cash for your keys, especially in a state that has a long redemption period (always ask for cash)
can i give my house back to mortgage co....
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