Deed in Lieu of Foreclosure Template
Our deed in lieu of foreclosure template will give you a lifeline out of your mortgage debt immediately.
What You Should Know Before Using Our Deed in Lieu of Foreclosure Template
A deed in lieu of foreclosure form is used when one wants to give away their deed to a property rather than face foreclosure. One can hand the deed to the property over to the original lender in order to avoid foreclosure. This option only works if you can convince your lender to take the deed and forgive your debts.
A deed in lieu of foreclosure still negatively affects your credit score. However, it's not nearly as averse as the blow that your credit score will take from foreclosure. Furthermore, having a "deed in lieu - paid in full" on your credit report looks better to future lenders.
Some quick tips for filling in the blanks throughout this document include:
- The property owner is the grantor and the lender is the grantee. Understanding commonly used synonyms for legal language can help avoid confusion as well as wasted time.
- Another point to make sure you complete before submitting your deed in lieu of foreclosure agreement is to double-check your lender's exact legal name and mailing address. As you may need to push this form through quickly, making sure you are contacting the right person at the right address is essential. It never hurts to send them an email or give them a call to confirm
Use our deed in lieu of foreclosure template to minimize the financial hit that is associated with foreclosing on your property.
If you are facing foreclosure yet looking for a way to keep your property we have documents to help you. Check out our room rental agreement or sublease agreement today.