How do I do a deed in lieu of foreclosure?

UPDATED: Oct 10, 2011

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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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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