Deed in lieu of foreclosure

A Deed-in-Lieu of Foreclosure (DIL) is where a homeowner voluntarily transfers the ownership of their property to the owner of your mortgage loan 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
  • You have no junior or subordinate liens

A lease option may be available—Deed-for-Lease

You may be able to lease your home after completing a DIL if your mortgage is owned by Fannie Mae.

Contact us today online or by telephone at 847.680.6250 to speak with our experienced foreclosure attorneys.