Deed-in-Lieu
A deed-in-lieu is where, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments. Options are available (sometimes with a relocation incentive) to help you leave the home immediately; stay in the home for up to three months without paying rent; or lease the home (at market rates) for up to one year.
“We can’t afford our home anymore, but don’t want to have a foreclosure on our credit history. And we need time to plan our move.”
A DEED-IN-LIEU 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 or will fall behind in the near future
- You owe more on your home than it’s worth
- You 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
You may qualify for up to $30,0000 in relocation assistance.
Contact us at (973)-378-3030 and a dedicated agent will explain more about a Deed-In-Lieu and help submit the necessary request form.