Deed In Lieu of Foreclosure

                                                           Deed in Lieu of Foreclosure (DIL)

A Deed in Lieu of Foreclosure is a program under Home Affordable Foreclosure Alternatives (HAFA) that allows you to transfer the ownership of your property to your mortgage company in exchange for a release from your mortgage loan and payments.  Your servicer is not required to accept a Deed in Lieu. 

Requirements for conduct a Deed in Lieu:
          -  The borrower is:
                    - An owner occupant of 1-4 unit property
                    - Has sufficient documented income to support the modified payment
                    - Has financial hardship and is delinquent or at risk of imminent default
          -  The loan:
                    - Amount owed on 1st mortgage is equal to or less than $729,750
                    - Mortgage was originated on or before January 1, 2009
                    - First mortgage payment (PITI + HOA fee) is greater than 31% of borrower's gross income
          -  Documentation:
                     - Request for Modification and Affidavit Form (Click Here)
                     - Signed 4506T-EZ or 4506T (Click Here)
                     - Signed copy of most recent (2009) Tax Return
                     - Two most recent paystubs or evidence of income
                     - Most recent utility bill
                     - Property must be listed with a realtor as a short sale for 3 months
                               -  You have not received any reasonable offers to purchase the home