What is a Deed in Lieu of Foreclosure?

A Deed-in-Lieu of Foreclosure (DIL) is where you, the homeowner, voluntarily transfer the ownership of your property (the title and all property associated with it) to the owner of your mortgage in exchange for a release from your mortgage loan and payments.

 

A DIL is an alternative to foreclosure and should be considered if:

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it’s worth
  • You don’t want to sell your home or haven’t been able to sell your home
  • You can no longer afford your home and you are ready to leave

Deed in Lieu of Foreclosure vs. Short Sale

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