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.