Short Sales and Deed in Lieu of Foreclosure are basically the same process. The only difference is a Deed in Lieu of Foreclosure does not have a buyer.
Most lenders [or servicer] require that a homeowner attempt to sell the property for at least 90 days before considering a deed in lieu of foreclosure.
Deed in Lieu of Foreclosures have many advantages and disadvantages. They are complex and require careful planning. In an agreement with your lender [or servicer] a deed in lieu may have different language that they will report to the credit bureau. typically, lenders [and servicer] report "Settled for less than the full amount owed' other times, "deed transferred in lieu of foreclosure." Negotiation of credit language can help, but most lenders [and servicer] are unable to change the language in their agreements.
To learn more about your options, and to create customized plan to avoid foreclosure tailored to your individual situation, Delmarva Home Relief may be able to help. Delmarva Home Relief is a Regulated Mortgage Assistance Relief Service Provider located in Salisbury, Maryland.
Our team cuts through the red tape by explaining all of the alternatives to foreclosure from Loan Modifications, Short Sales, Deed in Lieu of Foreclosures, Foreclosure Mediation and assisting Maryland homeownerâ€™s achieve the best outcome for their family.
Letâ€™s Strategically Plan Your Foreclosure Case Today
Call (800) 598-7510, or (410) 860-8479
Together We Will Create a Tailored Plan of Options to Provide Foreclosure Recovery
Our Team of Consultants are professionals that are experienced and understand the obstacles of default and that foreclosure can be overwhelming emotionally and physically. We pride ourselves on our ability to create outstanding customer services by assisting Maryland homeownerâ€™s one-on-one through the entire request for a Loan Modification, Short Sale, Deed in Lieu of Foreclosure, Foreclosure Mediation, and other available options that may be able to help homeowners avoid foreclosure and provide a second chance for home relief.