Deed-In-Lieu Of Foreclosure
To avoid a forced foreclosure sale, you have multiple options to consider. Some of these can allow you to keep your home and your credit rating intact, while others may involve the sale of your home to preserve your credit. Working together, you and your PTI Credit Counseling Partners can work out the best possible plan for your needs.
You may want to consider -Selling Prior To Foreclosure – This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating. You may qualify if:
The “as is” appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value
- The loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date
- You are able to sell your house within 3 to 5 months (depending on what your mortgage company agrees to).
An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.
Whether you’re in foreclosure now or worried about it in the future, we have information that can help.
Get Help Now!
Learn about the Emergency Homeowners’ Loan Program (EHLP)
Learn about the U.S. Treasury’s Hardest Hit Fund Initiative
Talk to a foreclosure avoidance counselor
Talk to your lender
Find state and local foreclosure resources
Contact HOPE NOW
Contact The Homeownership Preservation Foundation
Keep Your Home
Are you at risk of foreclosure?
Save Your Home (brochure)
Tips for avoiding foreclosure
Foreclosure scams
Refinance Options
Making Home Affordable Program
Who to call when a lender won’t work with you
If You Can’t Keep Your Home
Redemption period – your last chance to save your home
Local renting resources
Rental assistance
Relocation resources
U.S. Postal Service Movers Guide
